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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 | Dec 2016

Free parking: Rising demand for air travel will boost demand and modestly increase revenue

IBISWorld’s Parking Lots & Garages market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$10bn
Annual Growth 11-16
4.1%
Annual Growth 16-21
Annual Growth
Profit
Profit
Employment
159,428
Businesses
20,709
Industry Threats & Opportunities
  • The industry will become saturated, as more operators compete for slow-growing revenue
  • Small private nonemployers have been drawn to the industry over the period
  • The restrained pace of industry growth over the period reflects the market's saturation
  • ... purchase to read more

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. However, the industry faces saturation, as more operators compete for slower-growing revenue... ... purchase to read more

Industry Report - Industry Investment Chapter

The Parking Lots and Garages industry has a low level of capital intensity. IBISWorld estimates that in 2016, industry operators will spend $0.03 on capital for every dollar spent on wages. This amount has not changed much in the five years to 2016. Industry operators spend a relatively small amount on capital because most parking services are run through management contracts. The vast majority of the remaining off-street parking offered by the industry is done through leasing a parking garage or lot. In both cases, the property owner, and not the parking service provider, pays for most, if not all, of the capital expenditures.

Despite lower capital costs for management contracts, costs are significantly higher for a facility owned by a parking service provider. The.. ... 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... purchase to read more

     


    Industry ProductsRelated Reports

    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


    Table of Contents
    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    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
  • Contracts helping revenue grow
  • 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
  • Products & Markets
    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
  • Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • 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
    Major Companies
    SP Plus Corporation
    Vinci
    ABM Industries Inc.
  • Table: SP Plus Corporation - financial performance
  • Table: Vinci - financial performance
  • Table: ABM Industries Inc. - financial performance
  • Operating Conditions
    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
    Key Statistics
  • Table: Industry Data for the Parking Lots & Garages Industry
  • Includes:
  • Industry Revenue (2007-2021)
  • Industry Gross Product (2007-2021)
  • Establishments (2007-2021)
  • Businesses (2007-2021)
  • Employment (2007-2021)
  • Wages (2007-2021)
  • Number of motor vehicle registrations (2007-2021)
  • Table: Annual Percentage Change for Key Industry Data
  • Table: Key Ratios for Industry Key Data
  • Table: Industry Financial Ratios
  • Jargon & Glossary
    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.

  • Why Buy this Report?
    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    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 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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