Prized parking: As the auto market rounds out and gasoline prices remain low, demand will increase

The performance of the Parking Lots and Garages industry has been largely positive. Aside from a small blip in 2017, overall increases in parking rates and improvements in travel figures contributed to the industry's turnaround. Over the past five years, the largest providers of parking services have engaged in mergers and acquisitions. In the midst of large-scale consolidation, small nonemploying operators have entered the industry at a faster rate than those that have withdrawn from it. Consequently, the average industry operator is becoming leaner, with establishments per enterprise declining. Over the five years to 2022, industry revenue is expected to slow...purchase to read more.

Industry Statistics & Market Size
Revenue
$10bn
Annual Growth 12-17
3.3%
Forecast Growth 17-22
Profit
Employment
153,450
Businesses
20,093

Industry Threats & Opportunities

  • Revenue will fall as gas prices rise and consumer driving settles down
  • With an increase in demand for managed parking services, small private nonemployers have been drawn to the industry
  • Mass transit and bicycles will temper growth in the number of cars out on the road and demand for parking services
  • 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 experience 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. One...purchase to read more.

    Additional Insights for the Parking Lots & Garages Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Parking Lots & Garages Industry are

  • Proximity to key locations
  • Ensuring pricing policy is appropriate
  • Stable client relationships
  • IBISWorld analysts also discuss how external factors such as Number of motor vehicle registrations and Total vehicle miles in the Parking Lots & Garages industry impact industry performance..

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    What's in this report

    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 daily
  • Off-street parking in buildings - weekly or monthly
  • Off-street parking on lots - weekly or monthly
  • Management fees for the operation of parking facilities
  • Valet parking
  • Industry Activities
  • Providing off-street parking services
  • Providing on-street parking services
  • Providing valet parking services
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Number of motor vehicle registrations
  • Total vehicle miles
  • Domestic trips by US residents
  • National unemployment rate
  • World price of crude oil

  • Current Performance
  • Oil prices and revenue growth
  • Expanded services, lower profit margins
  • Chart: Revenue Growth

  • Industry Outlook
  • Moving toward saturation
  • Future obstacles
  • Table: Parking Lots & Garages Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Parking Lots & Garages Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Retail Trade
  • International Airlines
  • Domestic Airlines
  • Sports Franchises
  • Racing & Individual Sports
  • Consumers

  • Key Selling Industries
  • Apartment Rental
  • Commercial Leasing

  • Products & Services
  • Off-street parking - hourly or daily
  • Off-street parking in buildings - weekly or monthly
  • Valet parking
  • Off-street parking on lots - weekly or monthly
  • Management fees for the operation of parking facilities
  • Other
  • Chart: Parking Lots & Garages Industry Products and Services Segmentation

  • Demand Determinants
  • Vehicles on the road
  • Employment
  • Air travel

  • Major Markets
  • Privately operated central business district
  • College and university
  • Off-premise airport
  • On-premise airport
  • Hotel
  • Hospital
  • Municipal central business district
  • Chart: Major Market Segmentation for the Parking Lots & Garages Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitWagesRent and utilitiesPurchases, depreciation and other costs
  • Chart: Cost Structure Benchmarking – Sector vs Parking Lots & Garages

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Parking Lots & Garages Industry

  • Industry Globalization
    SP Plus Corporation, Indigo, ABM Industries Inc.,
  • Table: SP Plus Corporation - financial performance
  • Table: Indigo - financial performance
  • Table: ABM Industries Inc. - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Parking Lots & Garages Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Parking Lots & Garages Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Number of motor vehicle registrations (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Table: Industry Financial Ratios
    Leased Operation
  • An arrangement where a service provider rents the property their business is on and is not responsible for major maintenance or capital expenditures on the property or real estate taxes.
  • Management Contract
  • An agreement where a facility is managed for a fixed fee while the landowner or contracting business receives all payments and covers maintenance and rental or mortgage costs.
  • Mechanical Parking Structure
  • A fully or semi-automated parking system that minimizes the area needed to park cars through mechanical lifts.
  • What Our Customers Say

    Why buy this report?

    The Parking Lots & Garages industry market report contains strategic analysis of the key drivers influencing the industry. Save hours of time on research and prospecting using IBISWorld’s standardized, up-to-date reports on thousands of industries. Our industry research provides growth and profit forecasts for a five-year outlook period, presented in a clear and user-friendly format.

    IBISWorld industry market research reports enable you to:
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    This report on Parking Lots & Garages:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Parking Lots & Garages market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Parking Lots & Garages, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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