Parking Lots & Garages in Canada
The Parking Lots and Garages industry experienced general growth over the five years to 2017. Overall increases in parking rates over the first half of the five-year period and improvements in employment figures both contributed to the industry's turnaround. Furthermore, sectors that were relatively resistant to the recession, such as hospitals, universities and municipalities, increasingly used outsourced parking services, which benefited industry revenue.The industry has invested more in parking automation and online technology; while these new technologies raise capital costs, they also help industry operators experience long-term savings on labour. Industry revenue is projected to expand slowly in the coming years, buoyed by rising disposable income and vehicle purchases.
Operators in this industry provide parking and valet services for motor vehicles on an hourly, daily or monthly basis. Industry participants operate via management contracts, lease agreements or property ownership.
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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