Industry Analysis & Industry Trends
The Parking Lots and Garages industry has followed a similar narrative to that of the US economy. Following historical lows for employment, demand for air travel, shopping outings, sporting events and concerts, recovery began in 2011. Aside from a small blip in 2012, overall increases in parking rates over the five years to 2016 and improvements in employment figures contributed to the industry's turnaround. In the coming years, employment, domestic trips and vehicle registrations will rise, increasing the need for parking services at airports, entertainment venues and central business districts... purchase to read more
Industry Report - Industry Key Buyers Chapter
The Parking Lots and Garages industry has a low level of market share concentration, with the top four companies accounting for an estimated 37.6% of industry revenue. The remaining share of the market is mainly composed of small operators that cater to local demand. IBISWorld estimates that in 2016, the remaining 9,924 companies compete for the other 62.4% of industry revenue. The majority of these companies have fewer than 10 employees.
The top four companies made up a lesser share of the market in 2011, meaning market share concentration has grown in the five years to 2016; there are several factors that contribute to this decline. Early in the period, Vinci's LAZ Parking increased its market share noticeably... purchase to read more