Market Forecast By Technology (Parking Meter (Single Space), Parking Kiosks (Multi Space), Government Institutions), By Application (Hospitals, Parks, Transit Systems, Malls & Stadiums, Others), By Parking Mode (Pay & Display, Plate, Space, Others) And Competitive Landscape
|Product Code: ETC433068||Publication Date: Dec 2022||Product Type: Market Research Report|
|Publisher: 6Wresearch||No. of Pages: 75||No. of Figures: 35||No. of Tables: 20|
The Egypt Parking Meter Market is projected to accomplish new heights of success in the years to come. Growing demand for smart city, growing requirement fir effective traffic management and increasing construction activities are driving this industry in the country.
According to 6Wresearch, the Egypt Parking Meter Market size is expected to grow during 2023-2029. The sector in the country has been growing effective since it is supported by many growth factors. Growing demand for smart city, growing requirement fir effective traffic management and increasing construction activities are driving this industry in the country. There are two kinds of parking meters available in the sector which include on-street meters and off-street meters. The government of the nation is investing in creating infrastructure for smart cities in the country which is effectively stimulating in the sector evolvement. This is resulting in the deployment of technological advancements like parking meters, which support in enhancing efficiency and reducing traffic congestion.
The growing requirement for effective traffic management in the country is another key factor giving boost to this market in the nation. With the rise in population and rise in vehicle ownership, there is a massive rise in traffic congestion in major cities of the country. Parking meters support in managing traffic effectively by reducing congestion and enhancing overall mobility. Rising constriction activities and projects in the nation are also stimulating the demand for parking meters in the country. The construction sector of the country is expanding rapidly owing to many government initiatives like infrastructure development programs and housing projects. This is leading to a rise in demand for parking meters from contractors and developers.
Rising number of vehicles and lack of parking space availability is also a factor which is supporting parking meter market in the country. The players in the industry are working to meet the needs of their consumer s which is stimulating the sector growth. This sector is one of the most evolving sectors in the country and it will gain great success in the near future. High installation cost is estimated to restraint the growth of this market in the country in the years to come. The Egypt Parking Meter Market share will grow more since the sector will overcome this restraint.
During the toughest time, which was COVID-19 pandemic, numerous sectors across the world shut down. The governments across the world imposed restrictions on outside activities. Owing to the lockdown, people were not supposed to come out of their homes. The restrictions on many sectors reduced the need for parking in the country, which reduced the demand for parking meters. The pandemic had negative impact on the development of parking meter market in Egypt. The sector made great progress before the pandemic, but pandemic affected the development of this sector. The sector is now effectively growing in the market.
Based on technology, the Parking Meter Market in Egypt is fragmented into Parking Meter (Single Space), and Parking Kiosks (Multi Space). In the market, the parking kiosks (Multi Space) segment is projected to hold the largest share in the years to come.
Based on application, the Egypt Parking Meter Industry is fragmented into Hospitals, Parks, Transit Systems, Malls & Stadiums, Others, and Government Institutions. In the industry, the park segment will boost the sector share.
Based on parking mode, the sector in Egypt is fragmented into Pay & Display, Plate, Space, and Others. Out of which, the pay & display segment is estimated to grow in the sector.
The report offers a comprehensive study of the subsequent market segments: