Transparency Market Research delivers key insights on the global multispace parking meter market. In terms of revenue, the global multispace parking meter market is estimated to expand at a CAGR of 8.8% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global multispace parking meter market.
Multispace parking meters are used for large parking spaces to collect parking charges according to the duration of parking. It can be configured for pay-by-plate, pay-by-space or pay-and-display operation. The multispace parking meter market has a user-friendly interface that facilitates rapid, simple, and secure parking payments. Multispace meters can accept coins, bills, credit and debit cards, smart cards, and cellphone payments. Multispace parking meters are extremely vandal-resistant.
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Multispace Parking Meter Market: Dynamics
Incorporation of new functionalities into multispace parking meters, changing end user preferences, and parking models have prompted several manufacturers and suppliers to develop innovative offerings in order to cater to the customer requirements.
Manufacturers offer advanced multispace parking meter models and are incorporating improved functionalities into a single device, which provides increased performance characteristics and reduces the risk of malfunctioning. Multispace parking meter can manage multiple parking slots using an integrated system, which even offers flexible payment options and flexible parking charges system.
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Local governments are installing multispace parking meters to address the rising demand for parking facilities. Governments either install these meters directly or through public private partnership. Therefore, the demand for multispace parking meter is on the rise, as usage of multispace meter helps manage traffic and ease enforcement of parking laws.
Multispace Parking Meter Market: Prominent Regions
In terms of region, the global multispace parking meter market is dominated by North America and Europe. The global multispace parking meter market has been segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa. North America and Europe accounted for a major share of the global multispace parking meter market. The multispace parking meter market in North America is projected to expand further at a notable CAGR of 12.8% during the forecast period, owing to the presence of a significant number of players offering multispace parking meters in the region.
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Multispace Parking Meter Market: Key Players
Key players operating in the global multispace parking meter market include Flowbird Group, Hectronic, IEM SA, IPS Group, Inc., J.J. MacKay Limited, Kinouwell Tech, METRIC Group Ltd, POM Inc., Shenzhen Horoad Electronic Technology Development Co., Ltd., and Ventek International.
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