By Shreeras Shetty
Parking meters are gaining immense traction in various countries across the globe, owing to the significant surge in traffic congestion by vehicles and surging need for parking meters to manage parking spaces. There has been an expeditious growth in the number of vehicles across the globe, which further drives the demand for parking meters in the coming years. Parking meters are extensively installed in high traffic, commercial, and healthcare places including the hospitals, government institutions, malls & stadium, public parks, and others. Thus, with the COVID-19 restrictions eased-off, more people around the globe are tending to attend various functions, concerts, malls, stadiums, and others. This is expected to drive the demand for parking meters in the coming years.
Moreover, public infrastructures such as libraries, tourist attraction places, transit stations, civic buildings, universities, and others generate an immense parking demand. Hence, parking meter comes out as an effective solution towards reducing the traffic and managing parking spaces. In addition, municipalities are extensively using parking meters particularly for mobility management policies and on-street parking policy regarding the traffic. Persistent technological advancements in parking meters, introduction of creative products, and integration with innovative technologies are expected to provide lucrative opportunities for the growth of the global parking meter market.
Growing prevalence of IoT-based technology that provides solutions while looking for a parking space is remarkably augmenting the installation of pioneering and effective parking management solutions. Further, these factors are expected to provide tremendous opportunities for the growth of the global parking meter market in the upcoming years. According to a report published by Allied Market Research, the global parking meter market is expected to grow expeditiously in the coming years.
Numerous players in the market are devising innovative strategies to add supplementary features in the…