- A parking kiosk refers to a small, temporary, stand-alone booth, also known as multi space meter that can manage multiple parking spaces. Parking kiosks help to process cashless payments, detect traffic activities, and display real time information. People can get real time data regarding traffic conditions and available parking slots with smart mobiles. Parking kiosks help to reduce loss of productive hours, and license plate recognition cameras eliminates the need to stop at an entrance gate. It also reduces the chance of nonpayment and resolves the problem of lost tickets.
Key Drivers of the Global Parking Kiosk Market
- Rising disposable income and rapid urbanization enables consumers to spend considerably on automobiles. The rising density of vehicles on roads is creating traffic congestion that spurs the increasing adoption of parking kiosks, which saves time in finding parking slots. Hence, several private and public traffic management operators are adopting smart parking solutions that helps to propel the demand for parking kiosks around the world.
- Increasing non-cash transactions globally, advancement in technology such as Near Field Communication (NFC) and radio frequency identification (RFID) in the fields of security applications, and digital payments are factors that propel the demand and increasing usage of parking kiosks. Increasing adoption of smart parking solutions globally is driving the demand for parking kiosks, further fueling the growth of the parking kiosk market.
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Factor Restraining the Global Parking Kiosk Market
- High cost of installation and maintenance of the system are factors which may hinder the growth of the parking kiosk market.
Market in Asia Pacific to Expand Rapidly
- In terms of geography, the global parking kiosk market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the parking kiosk market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the parking kiosk market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America parking kiosk market is segmented into Brazil, and Rest of South America.
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- North America accounted for largest share of the global parking kiosk market due to the increasing smart city infrastructure in the region. Rising number of smart cities in North America is leading to increasing adoption of parking kiosks as it helps to coordinate traffic, optimize energy use, provide real time information, and reduce congestion.
- The parking kiosk market in Asia Pacific is projected to expand rapidly during the forecast period due to the rapid urbanization in developing countries. Rising disposable income of consumers in developing economies have driven sales of automobiles that results in the increasing adoption of parking kiosks to manage traffic congestion. Additionally, growing investment in the retail sector is influencing the growth of the parking kiosk market in this region.
Key Players Operating in the Global Market
Companies in the parking kiosk market are focusing on becoming more proficient and developing innovative parking kiosk solutions which will enhance their competitive advantage and market share globally. The parking kiosk market is highly fragmented in terms of hardware, software, and solution providers, so solution providers are strategizing toward manufacturing hardware as the market is highly competitive and technology driven.
For instance, in the U.S., the University of San Diego collaborated with a kiosk solutions provider to enable people to pay parking charges from their smartphones.
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A few of the key players operating in the global parking kiosk market are:
- Bruin Kiosk
- Parking BOXX
- PARTTEAM & OEMKIOSKS
- Shenzhen Kvsio Technology Co., Ltd.
- Shenzhen lean kiosk system co., Ltd