Parking Lots & Garages

First Research, Inc.
November 3, 2014
10 Pages - SKU: FRRS5371796
Countries covered: United States

Parking Lots & Garages

Brief Excerpt from Industry Overview Chapter:

Companies in this industry provide parking space for motor vehicles. Major companies include Ace Parking, Diamond Parking, Lanier Parking, SP Plus, and TPS Parking (all based in the US), along with Impark (Canada), Park24 (Japan), VINCI Park (France), and Wilson Parking (Australia).

Worldwide, parking facility use is impacted by factors such as office occupancy, employment, car ownership, travel, and discretionary spending. Concern over lack of sufficient parking rises with the use of motor vehicles in developing economies.

The US parking lots and garages industry includes about 12,500 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $9 billion.

The includes companies that provide temporary parking spaces for vehicles on an hourly, daily, weekly, or monthly basis. The industry does not include providers of long-term vehicle storage.

COMPETITIVE LANDSCAPE

Demand is driven by the occupancy rates of commercial real estate: large buildings require parking spaces for commuters, customers, and related area industry. The profitability of individual companies depends on operational efficiency and customer service. Large companies have advantages in relationships with large property managers and owners, and economies of scale in operating efficiency. Small companies can compete effectively by catering to customer needs and operating a desirable location.

The industry is concentrated: the top 50 US companies generate 70 percent of revenue. About 90 percent of companies operate a single facility.

PRODUCTS, OPERATIONS & TECHNOLOGY

Major services are auto parking services in parking lots and garages. Ancillary services, such...



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