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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 | Jan 2016

Free parking: Efforts to reduce traffic encourage carpooling will temper industry growth

IBISWorld’s Parking Lots & Garages market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

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 - Starting a New Business Chapter

The Parking Lots and Garages industry exhibits low barriers to entry. At the minimum, an operator running a parking facility through a management contract must secure the contract and train and pay workers. Operating in this way requires no capital to buy or rent a facility and the number of employee need not be significantly higher. Parking lot and garage operators and valets are usually employed in this way. Operators that lease or own their facilities face higher barriers to entry. They must have access to the capital to rent or buy a facility that is in a desirable location. Access to productive locations can be difficult to acquire if an area is highly developed... 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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