Parking Lots & Garages in the US
The Parking Lots and Garages industry has expanded in line with overall construction activity over the five years to 2019. Parking structures are often a necessary addition to commercial and residential developments, especially in urban settings. 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. Over the five years to 2024, the Parking Lots and Garages industry is forecast to exhibit slowed growth as commercial development is projected to slow down in light of higher interest rates and increasing investor uncertainty. Moreover, consumer sentiment is not expected to repeat the level of growth exhibited during the previous five-year period, and as growth in the consumer price index will likely outpace growth in per capita disposable income, consumers are anticipated to be more conservative with their spending.
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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