$13.0bn
$X.Xbn
120k
6,319
$X.Xbn
Urbanization trends and technological advancements have significantly influenced the parking lots and garages sector. Adopting smart parking systems has optimized space utilization and boosted efficiency, drawing more consumers to these facilities. Economic stabilization and possible reductions in interest rates might create favorable conditions for the industry, potentially leading to gradual rent reductions and more investment in facility upgrades. This sector has seen revenue grow at a CAGR of 1.3% over the past five years, with projections totaling $13.0 billion. However, the industry is expected to experience a single-year dip of 1.8% by 2024.
Industry revenue has grown at a CAGR of 1.3 % over the past five years, to reach an estimated $13.0bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Abm Industries Inc. | 1,868.4 | 96.3 | 5.2 | |
LAZ Parking Ltd. LLC | 1,327.1 | 129.0 | 9.7 | |
Reef Technology Inc. | 908.3 | 88.3 | 9.7 |
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Industry revenue is measured across several distinct product and services lines, including Hourly or daily off-street parking , Weekly or monthly off-street parking in buildings and Weekly or monthly off-street parking on lots . Hourly or daily off-street parking is the largest segment of the Parking Lots & Garages in the US.
The need for off-street parking rises when the economy recovers
This industry comprises operators who provide parking and valet services at establishments on an hourly, daily or monthly basis. It mainly operates via management contracts, lease agreements or property ownership.
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NAICS 81293 - Parking Lots & Garages in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Management contracts have gained popularity among parking service operators seeking to cut costs in a highly competitive landscape. Through management contracts, parking oper...
Learn about an industry's products and services, markets and trends in international trade.
Consumer confidence is bouncing back, hinting at a potential boost for commercial businesses. With stabilizing inflation and interest rates, shopping centers and restaurants ...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Car-friendly regions like the West attract parking operators to the area. Residents of dispersed cities like Los Angeles rely heavily on parking services.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Businesses often outsource parking to specialized companies to better allocate resources. This allows them to focus on their core activities while still efficiently meeting e...
Learn about the performance of the top companies in the industry.
Large-scale parking operators are expanding their service offerings through strategic partnerships. Market saturation has led industry frontrunners, like LAZ Parking, to buy ...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Parking lot and garage operators receive little assistance. The government provides subsidies for businesses meeting the requirements, but no direct aid appears
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Wage cuts have bolstered profitability. Parking companies that adopted automation saw payroll savings, which enabled them to channel more revenue into profits efficiently.
Including values and annual change:
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Key data sources in the US include:
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These sources include:
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The market size of the Parking Lots & Garages in the US industry in United States is $13.0bn in 2024.
There are 6,319 businesses in the Parking Lots & Garages in the US industry in United States, which has declined at a CAGR of 4.7 % between 2019 and 2024.
The market size of the Parking Lots & Garages in the US industry in United States has been growing at a CAGR of 1.3 % between 2019 and 2024.
Over the next five years, the Parking Lots & Garages in the US industry in United States is expected to grow.
The biggest companies operating in the Parking Lots & Garages market in United States are Abm Industries Inc., LAZ Parking Ltd. LLC and Reef Technology Inc.
Providing off-street parking services and Providing on-street parking services are part of the Parking Lots & Garages in the US industry.
The company holding the most market share in United States is Abm Industries Inc..
The level of competition is high and steady in the Parking Lots & Garages in the US industry in United States.