Market Overview:
According to the latest research report titled “Parking Meter Apps Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 234.2 million by 2028 from US$ 62.2 million in 2021, and it is expected to grow at a CAGR of 18.7% during 2021–2028.
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APAC Parking Meter Apps Market to Register Highest CAGR During Forecast Period
APAC constitutes world’s Top 2 most populated countries—India and China. It is also characterized by significant developments in infrastructure and increase in purchasing power of the individuals in the region. Further, the rising number of individuals migrating toward popular cities for better employment opportunities is anticipated to propel the demand for efficient parking solutions in big cities in the region. Economically strong countries such as South Korea, Malaysia, Australia, and Thailand, with a high number of registered passenger vehicles per household per capita, have substantially developed parking infrastructure. Subsequently, activities such as periodic maintenance, contract renewals, and technology upgrades are expected to provide opportunities to the parking meter apps market players in the coming years. The smart city-enabled transportation and mobility services are gaining popularity among government and municipal offices for facilitating seamless mobility, and in on-street and off-street parking spots at malls, hospitals, airports, and other public places. As a result, the demand for technology-enabled smart parking solutions such as parking guidance, parking reservation, mobile app-based parking fees payment, and parking security and surveillance is on rise in APAC.
Key Findings of Study:
The parking meter apps market in Asia Pacific is expected grow at the fastest CAGR during the forecast period owing to the presence of a robust automotive sector, supported by the growing smart infrastructure in countries such as China, India, and South Korea. Rising focus toward the deployment of smart solutions to resolve traffic congestions in Australia, Malaysia, Taiwan, and Thailand, among others, further boosts the market growth. Amid the COVID-19 pandemic, Kuala Lumpur, Malaysia, has initiated new parking payment methods using smartphone apps.
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Overall size of the parking meter apps market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the parking meter apps market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the parking meter apps market.
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