Parking meter is a revenue
collection device installed in the parking area where the vehicle
owners pay for the space allotted to them. The conventional parking
meter comprising of a timer, coin collector is set on a pole at the
entrance of a parking space. The main ideology behind setting up a
parking meter is to accommodate parking management along with
collecting revenue from its installation. Both private and public
agencies install parking management solutions in areas with highly
indicated traffic. Parking meter is a device being part of such smart
parking systems.
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The parking meter device is
expected to have high call since a gap exist in demand and supply of
parking space. This is due to area allotted for parking space is
limited and parking demand for increasing vehicles on road is
increasing day by day. For instance, these parking meters are also
finding its application into household segment due to increasing
community living concept. Hence, it becomes necessary to implement
such smart parking options when large number of inhabitants live in a
township kind of ecosystem. Accordingly, increasing adoption of
parking meter across wider applications is expected to drive the
parking meter market. Another factor that would be driving the
parking meter market is the flexible payment options such as coins &
notes, card payments, smart card by parking space provider, etc. It
becomes a challenge for the parking space provider/agency to
personally collect coins & notes from each parking meter.
Additionally, the operating policies of each player in the market may
be differing and this creates a limitation in the effective designing
of parking meter for each parking space agencies. However, the new
technological innovations in the parking meter devices are allowing
more public system agencies to install these devices. Technological
elements such as smart apps, energy efficient eco-design,
user-interface choices, etc. are incorporated into parking meter.
The parking meter market is
segmented on the basis of payment type, power type, parking mode, and
application. Segmentation based on payment type incudes coins &
notes, card payments, smart cards and others. Users can pay for the
parking space allotted to them by conventional system of coins &
notes, by using their debit/credit cards or by the smart cards issued
by the parking space provider where users can add money to it.
Additionally, the power type segment can be further bifurcated as
battery, electric and solar. Besides, the parking meter can be
segmented on the basis of parking mode such as pay & display, by
plate, by space, and others. Pay & display option is the simplest
one allowing the car user to pay for the parking space and get a
ticket displaying the details on the customer’s dashboard. By plate
segment, the customer enters the details of his car number plate and
details are automatically shown on the dashboard. The customer can
also use the option of space segment to pay for the required space to
park the vehicle. Furthermore, this market can be segmented on the
basis of applications such as municipalities, hospitals, parks &
recreation, events, transit systems, and others (hotels,
institutions, housing, etc.). Geographically, the study of parking
meter market is segmented as North America, Europe, Asia Pacific,
Middle East & Africa and South America.
Some of the key players in the
parking meter market are T2 Systems, Inc., Parkeon, Inc., J.J. MacKay
Canada Limited, METRIC Group Ltd, Global Parking Solutions USA, IPS
Group Inc., Westco Parking Technologies, Inc., Shenzhen Horoad
Electronic Technology Development Co., Ltd., POM, Inc., Parx Ltd, CDS
Worldwide Pty Ltd, Guangzhou COMA Electronics Co. Ltd, Ventek
International, Inc., RTB GmbH & Co.KG, Hectronic GmbH, Cale
Access AB and IEM SA.
The report offers a
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qualitative insights, historical data, and verifiable projections
about market size. The projections featured in the report have been
derived using proven research methodologies and assumptions. By doing
so, the research report serves as a repository of analysis and
information for every facet of the market, including but not limited
to: Regional markets, technology, types, and applications.
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