Parking Lots & Garages in the US
The performance of the Parking Lots and Garages industry has been positive over the five years to 2018, as overall increases in parking rates and improvements in travel figures contributed to the industry's growth. Increases in the values of residential and nonresidential construction, particularly mixed-use developments, have bolstered demand for industry services such as facility management and valet. Additionally, an overall favorable economic climate has served as the foundation for development growth and rising consumer incomes as an overall decrease in unemployment and an increase in the number of businesses has driven demand. Over the five years to 2023, industry revenue is expected to slow. This sluggish growth partly reflects the likely slowdown of construction activity, and an expected decline in demand 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.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook