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Parking Lots & Garages in the US - Industry Market Research Report

  • December 2016
  • -
  • Ibisworld
  • -
  • 35 pages

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



Abstract

Parking Lots & Garages in the US

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.

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.



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