Parking Lots & Garages in the US - Industry Market Research Report

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Parking Lots & Garages in the US

The Parking Lots and Garages industry has suffered stark declines over the past five years as the COVID-19 pandemic depleted economic activity and consumers' need for parking. Nonresidential construction activity continues to shrink even as businesses have largely recovered from the pandemic, reducing the overall need for parking services at commercial facilities. Parking operators increasingly use management contracts to provide services at a lower cost than owning or constructing a parking facility, which boosts profit. Over the five years to 2023, industry revenue is anticipated to fall at a CAGR of 7.7% to $8.2 billion. In 2023 alone, revenue is forecast to decline 0.8% as inflationary pressures mitigate a recovery.

This industry comprises operators with the primary function of providing parking and valet services at establishments on an hourly, daily or monthly basis. The industry mainly 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.