A parking meter is a device used to collect money in exchange for the right to park a vehicle in a particular place for a limited amount of time. Parking meters can be found in cities and towns around the world. They typically consist of a coin-operated device that prints a time-stamped ticket or receipt that must be displayed on the dashboard or windshield of the parked vehicle.
The concept of paying to park is becoming increasingly popular as local governments look to generate revenue from off-street parking and limit public spaces for free parking. In most cases, parking meters are designed to ensure that vehicles do not occupy a single parking spot for an excessive amount of time, allowing for more equitable access among all drivers.
In many instances, parking meters may also be used to track or identify vehicles if they overstay their allowed time period. Some municipalities may choose to boot or tow cars that have overstayed their allotted time. In addition, some cities are turning to smart meters that can be used to collect payments, adjust parking rates based on demand, automate enforcement and assist in traffic management.
The global Parking Meter market was valued at US$ 5453.8 million in 2022 and is anticipated to reach US$ 8240 million by 2029, witnessing a CAGR of 6.0% during the forecast period 2023-2029. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
A detailed market research report on Global Parking Meter Market available at: https://www.themarketreports.com/report/global-parking-meter-market-research-report
This report aims to provide a comprehensive presentation of the global market for Parking Meter, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Parking Meter.
The North America, Europe and Asia have 80% of the market share.
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