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 SWOT Analysis Chapter
The Parking Lots and Garages industry is in the mature phase of its life cycle. Industry value added (IVA), which measures the industry's contribution to the economy, is projected to grow at an average annual rate of 3.2% from 2011 to 2021. In comparison, GDP is expected to grow 2.1% per year on average over the 10-year period.
While IVA growth will outpace GDP growth slightly over the period, the number of companies in the industry is expected to increase at the low annualized rate of 1.8% over this period. During this time, merger and acquisition activity is expected to remain high, which is a key indicator of a mature industry. All three major players have grown their operations considerably through acquisitions over the five years to 2016... purchase to read more