Parking Lots and Garages Market in the U.S
To provide the market size of the garage and parking lots in the U.S. with a breakdown by segment including: airport parking and garages, events and venues( stadiums for sporting events), healthcare parking, hospitality parking, municipal parking, office parking, university parking, retails parking, and residential parking.
Overview of the Market and Size
- According to Deloitte Insights, the International & Mobility Parking Institute (IPMI) estimates that the US parking industry generates $30 billion in gross parking revenue annually.
- According to IPMI, in 2016 the U.S. parking industry ecosystem includes "256 million registered vehicles, 211 million licensed drivers, 5 million parking meters, and 800 million parking spaces covering 160 billion square feet; and parking stakeholders include local jurisdictions, universities, parking lot owners/operators, and equipment manufacturers."
- Reports from IBISWorld and Kentley Insights provide the U.S. Parking Lots and Garages market size at between $11 billion and $13.1 billion.
- The parking lots and garages market grew by is expected to decline by -0.2% in 2020
- This industry includes operators primarily engaged in providing parking space and valet service for motor vehicles, usually on an hourly, daily, or monthly basis and excludes the storage of vehicles for an extended period of time.
- Some of the main players in the parking lots and garages market include: SP Plus Corporation (SP Plus), LAZ Parking, and ABM Industries.
Categories in the Market and Revenue Breakdown
- The service categories in this market include: shopping centers, hotels and restaurants, offices, hospitals, and stations/airports.
- A breakdown of the revenues to the industry from some of these categories is shared below:
- 41% of revenues for the industry: central business district, serving parkers in urban downtown cores including residents, office workers, retail shoppers, tourists and local visitors.
- 12% of revenues for the industry: off-airport, serving travelers seeking discounted parking prices; parking services usually include shuttle buses run by parking operators
- 12% of revenues for the industry: on-airport, serving travelers willing to pay a premium for close to airport
- 14% of revenues for the industry: college and university, serving captive students, faculty and staf
- 10% of revenues for the industry: hotel, serving travelers
- 6% of revenues for the industry: hospital, serving patients, medical employees and other staf
- 5% of the revenues for the industry: municipal, government-owned parking lots servicing parkers in urban downtown cores
Summary of Findings
From our preliminary research, we determined that information on the parking lots and garage market in the U.S. is publicly available. We were to provide the size of the different segments of the market as provided by available reports. We were not able to clearly determine the fraction of the events and venues( stadiums for sporting events), office parking (included in the central business district category), retails parking (included in the central business district category), and residential parking.
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