Based on the provided data, the Parking Lots and Garages Tourism Output in the US is forecasted to grow steadily from $3.06 billion in 2024 to $3.27 billion in 2028. This indicates a consistent annual growth rate. Historical data from 2023 show the output stood at $3.01 billion. Year-on-year growth rates are as follows: a 1.66% increase from 2023 to 2024, 1.63% from 2024 to 2025, 1.93% from 2025 to 2026, 1.58% from 2026 to 2027, and 1.55% from 2027 to 2028. The compound annual growth rate (CAGR) over these five years is approximately 1.67%.
Future trends to watch for include:
- - Technological advancements in parking facilities
- - Growth in urbanization and increase in vehicle ownership
- - Rising demand for electric vehicle charging infrastructure
- - Potential impact of autonomous vehicles on parking needs
