The parking meter apps market is expected to grow from US$ 62.2 million in 2021 to US$ 234.2 million by 2028; it is estimated to register a CAGR of 18.7% from 2021 to 2028.
Smart city initiatives are gaining pace in developing countries, and these projects generate huge demand for technologically advanced and intelligent parking management solutions. Moreover, the rising commercialization and urbanization in developing countries, and increasing number of vehicles on the road are bolstering the parking meter apps market growth. A reduction in the cost of technology and services by the solution service providers is also foreseen to stimulate the adoption of parking meter apps in several developed and developing countries in the coming years. Further, China is expected to hold the largest share of the market in Asia Pacific due to the high use of vehicles in urban areas. Access to real-time parking data would save drivers’ time on finding parking space for their vehicles, along with reducing traffic congestion. With the ever-increasing penetration of smartphones and availability of mobile applications integrated with different features, it has become possible for vehicles users find vacant parking spaces and navigate toward the same, which is one of the significant factors boosting the parking meter apps market.
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Impact of COVID-19 Pandemic on Parking meter apps Market
The COVID-19 pandemic has caused disruptions in parking industries due to restrictions on intercity travel and office operations. A sharp decline in the growth of parking users due to the pandemic has delayed or postponed the planned investment for parking management, which restricted the parking meter apps market growth. However, the importance of digital payments in parking meters and requirement of contactless parking payment solutions has increased amid the pandemic conditions, thereby creating lucrative growth opportunities for the parking meter app market players.
The parking meter apps market is segmented on the basis of platform, end user, and geography. These apps are based on iOS and Android platforms. Based on end user, the global parking meter apps market is segmented into personal and businesses. In terms of geography, the parking meter apps market is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM).
IEM SA; INRIX, Inc.; ParkMate; Parkopedia; Arrive (ParkWhiz); and ParkMobile, LLC International are among the key companies in the global parking meter apps market that are profiled in this market study. In addition to these market players, there are several other global, regional, and local players operating in the market ecosystem, which have been studied and analyzed during this study to get a holistic view of the entire market.
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