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: ETC433042
|Publication Date: Dec 2022
|Product Type: Market Research Report
|No. of Pages: 75
|No. of Figures: 35
|No. of Tables: 20
The Malaysia Parking Meter Market is anticipated to grow at a higher rate in the years to come owing to different factors that have been aiding the sector in its growth. In the country, the on-street parking space is very limited which resulted in a growing demand for on-street parking which requires effective system for parking management.
According to 6Wresearch, the Malaysia Parking Meter Market size is projected to evolve during 2022-2028. The sector has been emerging in the country and many factors are contributing to its growth. In the country, the on-street parking space is very limited which resulted in a growing demand for on-street parking which requires effective system for parking management. This is one of the major factors driving the evolvement of this sector in the country. The effective system for parking management helps in enhancing the utilization of on-street parking resources and it also generates revenue for local authorities. Parking meters are the essential part of effective system for parking management as they aid in regulating duration for which vehicles can be parked in a specific space. The government of Malaysia is heavily investing in smart city development, which is anticipated to drive the evolvement of this market in the country.
The government of the nation is mandating the cashless payment use for on-street parking, which will further give boost to this sector. The companies running in the sector play a significant role in its development. The market players are coming up with the parking meters that can better align with the consumers requirements. There are both large as well as medium sized players in the sector that have been propelling its growth. The competition level in the sector is high since every company in the industry is striving in order to obtain larger share. However, maintenance and installation of parking meters is anticipated to restrain the development of this industry. The Malaysia Parking Meter Market is one of the important parts of the Asia Pacific Parking Meter Market; thus, the sector will overcome these challenges. The key players of the market are also working on the areas that can challenge the growth of this industry.
During the pandemic, every sector except some had to stop their progression and owing this factor there was huge reduction in parking facilities. The parking Mater Market in Malaysia is suffered more during the pandemic since there was huge reduction in demand for parking meters. The sectors in the country were not progressing and no one was allowed to go outside which reduced the demand for these parking meters and the sector had to suffer. The Malaysia Parking Meter Market share is anticipated to grow now since the other sectors in the country are evolving which play an essential role in the growth this sector.
On the basis of technology, the Malaysia Parking Meter Industry is divided into Parking Meter (Single Space), and Parking Kiosks (Multi Space). Out of these, the parking kiosks segment is evolving in the market.
On the basis of application, the Parking Meter Market in Malaysia is divided into Hospitals, Parks, Transit Systems, Malls & Stadiums, Government Institutions and Others. Among these, the parks segment is estimated to grow in the market and it is still growing.
On the basis of parking mode, the sector is divided into Pay & Display, Plate, Space, anjd Others. In the sector, the pay & display parking mode segment is projected to hold the largest share in the years to come.
The report offers a comprehensive study of the subsequent market segments: