Saudi Arabia Parking Meter Market (2022-2028) | Growth, Industry, Revenue, Size, Share, Outlook, Forecast, Analysis, Trends, Value, Segmentation & COVID-19 IMPACT

Saudi Arabia Parking Meter Market Synopsis

Saudi Arabia Parking Meter Market is expected to grow during the forecast period. The Kingdom of Saudi Arabia (KSA) is one of the largest countries in the Middle East region with a population of over 33 million people. The country has a rapidly growing economy and is investing heavily in infrastructure development. This, coupled with the increasing number of vehicles on the roads, is anticipated to drive the demand for parking meters in Saudi Arabia during the forecast period.

According to 6Wresearch, the Saudi Arabia Parking Meter Market size is expected to grow during 2022-2028. Parking meters are on-street machines that are used for accepting payments for the parking of vehicles in reserved spaces. They help in maximizing the utilization of limited parking resources and reducing traffic congestion. Moreover, they also provide an efficient and hassle-free parking experience to motorists while generating revenue for the government.

Off-street parking meters are used in parking garages and surface lots, while on-street parking meters are placed along curbs in high-traffic areas. In Saudi Arabia, off-street parking meters are more common than on-street parking meters.

However, the high cost of installation & maintenance and lack of awareness about parking meters are some of the key challenges faced by the Saudi Arabia Parking Meter Market growth.

Drivers in the Saudi Arabia Parking Meter Market

The Saudi Arabia Parking Meter Market revenue is driven by the increasing demand for efficient parking management solutions, owing to the growing concerns over vehicle congestion and traffic jams in various regions of Saudi Arabia.

The increasing number of vehicles on the roads and the lack of available public parking spaces. In addition, the rising cost of fuel and the growing awareness of environmental sustainability are also driving the demand for efficient and eco-friendly parking solutions are also some of the driving forces.

Additionally, the rising need for smart city solutions and the deployment of advanced technologies such as Internet of Things (IoT), big data analytics, and cloud computing are further propelling the market growth.

The Saudi Arabian government is implementing various initiatives to develop the country's infrastructure. For instance, under its Vision 2030 plan, the government has allocated SAR 1.5 trillion for investment in transportation and logistics infrastructure by 2035. This investment is expected to create more than 1 million jobs in the sector and contribute SAR 300 billion to the GDP. These initiatives are likely to result in increased construction activities across Saudi Arabia, which will subsequently drive the demand for parking meters during the forecast period.

The deployment of electronic payment systems such as contactless and NFC is also expected to drive the growth of the Saudi Arabia Parking Meter Market over the long term. This is due to their ability to provide an enhanced user experience, as well as reduce operational costs associated with traditional methods such as cash payment and card swiping.

Technological trends in the Saudi Arabia Parking Meter Market

The Saudi Arabia Parking Meter Market is evolving with new technology trends. Some of the latest trends include:

• Wireless parking meters: These meters allow drivers to pay for their parking without having to physically insert coins into the meter. Instead, they can use a credit or debit card, or even their smartphone, to pay for their parking.
• Solar-powered parking meters: These meters are powered by solar panels, making them environmentally friendly and cost-effective.
• Led display parking meters: These newer models of parking meters have an led display that shows how much time is remaining on the driver’s paid parking time.
• Online payment options: Many parking meter companies are now offering online payment options, so drivers can pay for their parking from the comfort of their own homes or office.

Market Analysis based on Technology

There are several types of parking meters available in Saudi Arabia, including single-space meters, multi-space meters, and pay and display machines. Single-space meters are the most popular type of parking meter in the country, accounting for around more than half of total sales.

The Single Space parking meter operates in a single designated spot and the Multi Space parking meter operates in multiple designated spots throughout an area. Government Institutions are the major customers of parking meters as they need to manage a large number of vehicles on their premises.

Parking kiosks are also used extensively by government institutions as they offer an easier way for users to pay for their parking fees. These kiosks are mainly located near tourist destinations, bus terminals, and other high-traffic areas where it is difficult for people to queue up to pay with cash or hand over documents. Additionally, these kiosks allow users to make payments through various modes such as credit cards, debit cards, and electronic wallets.

Market Analysis based on Application

Based on Application, Hospitals are estimated to be the leading users of parking meters in Saudi Arabia. This is mainly due to their need for ample parking space to accommodate vehicles that ferry patients between various departments within hospitals. Transit systems and malls & stadiums are also among the top applications for parking meters in Saudi Arabia. This is owing to their high footfall rates and requirement for ample parking spaces in order to cater to customer needs.

Impact of COVID-19 on the Saudi Arabia Parking Meter Market

COVID-19 is likely to have an impact on the Global Parking Meter Market due to its severe adverse effects on human health. As a result, there is a possibility that some players might discontinue their business operations in this region. Additionally, increased expenditure on safety measures such as emergency response teams and decontamination units could also restrain the market growth.

Competitive landscape for the Saudi Arabia Parking Meter Market

The competitive landscape of the Saudi Arabia Parking Meter Market is expected to intensify in the coming years with the entry of new players in the market. There are many parking meter companies in Saudi Arabia, each with its own strengths and weaknesses.

The Saudi Arabia Parking Meter Market share is fragmented with the presence of several small and medium enterprises. Most of the companies are involved in providing comprehensive solutions that include hardware and software for parking meters. They also offer services such as installation, maintenance, and repairs of parking meters. Furthermore, the companies have a wide geographical reach and are present across the region.

Investment opportunities in the Saudi Arabia Parking Meter Market

Investment opportunities in the Saudi Arabia Parking Meter Market are expected to be positive in the upcoming years. The government is aiming to increase non-oil revenues and reduce reliance on oil revenues, which is expected to drive investments in the sector. In addition, the government is investing in infrastructure development projects, such as the King Abdulaziz International Airport expansion project, which is expected to create opportunities for parking meter companies.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2018 to 2021.
• Base Year: 2021.
• Forecast Data until 2028.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Saudi Arabia Parking Meter Market Outlook
• Market Size of Saudi Arabia Parking Meter Market , 2021
• Forecast of Saudi Arabia Parking Meter Market , 2028
• Historical Data and Forecast of Saudi Arabia Parking Meter Revenues & Volume for the Period 2018 - 2028
• Saudi Arabia Parking Meter Market Trend Evolution
• Saudi Arabia Parking Meter Market Drivers and Challenges
• Saudi Arabia Parking Meter Price Trends
• Saudi Arabia Parking Meter Porter's Five Forces
• Saudi Arabia Parking Meter Industry Life Cycle
• Historical Data and Forecast of Saudi Arabia Parking Meter Market Revenues & Volume By Technology for the Period 2018 - 2028
• Historical Data and Forecast of Saudi Arabia Parking Meter Market Revenues & Volume By Parking Meter (Single Space) for the Period 2018 - 2028
• Historical Data and Forecast of Saudi Arabia Parking Meter Market Revenues & Volume By Parking Kiosks (Multi Space) for the Period 2018 - 2028
• Historical Data and Forecast of Saudi Arabia Parking Meter Market Revenues & Volume By Government Institutions for the Period 2018 - 2028
• Historical Data and Forecast of Saudi Arabia Parking Meter Market Revenues & Volume By Application for the Period 2018 - 2028
• Historical Data and Forecast of Saudi Arabia Parking Meter Market Revenues & Volume By Hospitals for the Period 2018 - 2028
• Historical Data and Forecast of Saudi Arabia Parking Meter Market Revenues & Volume By Parks for the Period 2018 - 2028
• Historical Data and Forecast of Saudi Arabia Parking Meter Market Revenues & Volume By Transit Systems for the Period 2018 - 2028
• Historical Data and Forecast of Saudi Arabia Parking Meter Market Revenues & Volume By Malls & Stadiums for the Period 2018 - 2028
• Historical Data and Forecast of Saudi Arabia Parking Meter Market Revenues & Volume By Others for the Period 2018 - 2028
• Historical Data and Forecast of Saudi Arabia Parking Meter Market Revenues & Volume By Parking Mode for the Period 2018 - 2028
• Historical Data and Forecast of Saudi Arabia Parking Meter Market Revenues & Volume By Pay & Display for the Period 2018 - 2028
• Historical Data and Forecast of Saudi Arabia Parking Meter Market Revenues & Volume By Plate for the Period 2018 - 2028
• Historical Data and Forecast of Saudi Arabia Parking Meter Market Revenues & Volume By Space for the Period 2018 - 2028
• Historical Data and Forecast of Saudi Arabia Parking Meter Market Revenues & Volume By Others for the Period 2018 - 2028
• Saudi Arabia Parking Meter Import Export Trade Statistics
• Market Opportunity Assessment By Technology
• Market Opportunity Assessment By Application
• Market Opportunity Assessment By Parking Mode
• Saudi Arabia Parking Meter Top Companies Market Share
• Saudi Arabia Parking Meter Competitive Benchmarking By Technical and Operational Parameters
• Saudi Arabia Parking Meter Company Profiles
• Saudi Arabia Parking Meter Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

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

Saudi Arabia Parking Meter Market: FAQs