Prized parking: As the auto market rounds out and gasoline prices remain low, demand will increaseAbstractParking Lots & Garages in the US
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large-scale consolidation, small nonemploying operators have entered the industry at a faster rate than those that have withdrawn from it.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. This sluggish growth partly reflects the stabilization of demand for parking from the growth rates experienced during the recovery and also reflects an expected decline in the near future arising from rising fuel costs once oil prices recover
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.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.