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Parking Lots & Garages in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Parking Lots & Garages Market Research Report | NAICS 81293 | Jul 2016

Free parking: Rising demand for air travel will boost demand and drive industry revenue

The Parking Lots & Garages market research report provides key industry analysis and industry statistics, measures market size, analyzes current and future industry trends and shows market share for the industry’s largest companies. IBISWorld publishes the largest collection of industry reports so you can see an industry’s supply chain, economic drivers and key buyers and markets.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$9bn
Annual Growth 11-16
2.3%
Annual Growth 16-21
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Profit
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Employment
151,784
Businesses
9,928
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

 


Industry ProductsRelated ReportsTable of Contents

What is the Parking Lots & Garages Industry?

This industry comprises operators that provide parking and valet service on an hourly, daily or monthly basis. The industry primarily operates via management contracts, lease agreements or property ownership. This industry excludes the storage of vehicles for an extended period of time.

Industry Products
Off-street parking - hourly or dailyOff-street parking in buildings - weekly or monthlyOff-street parking on lots - weekly or monthlyManagement fees for the operation of parking facilitiesValet parking
 
Industry Activities
Providing off-street parking servicesProviding on-street parking servicesProviding valet parking services


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