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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

IBISWorld’s Parking Lots & Garages market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

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 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

 


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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