|Last Quarterly Update:||11/18/2013|
|SIC Codes:||7299, 7521|
|Industry Overview||Trends & Challenges||Industry Forecast|
|Quarterly Industry Update||Call Prep Questions||Website & Media Links|
|Business Challenges||Financial Information||Glossary & Acronyms|
Companies in this industry primarily engage in providing parking space for motor vehicles. Major US companies include Ace Parking, Diamond Parking, Lanier Parking, Standard Parking, TPS Parking, and the US operations of Impark, based in Canada.
The US parking lots and garages industry includes about 2,600 companies with combined annual revenue of about $9 billion. Growth drivers include ancillary services and outsourcing of parking operations by property owners.
The parking lots and garages industry includes companies that provide temporary parking spaces for vehicles on an hourly, daily, weekly, or monthly basis. The industry does not include providers of long-term vehicle storage.
Demand is driven by the occupancy rates of commercial real estate: large buildings require parking spaces for commuters, customers, and related area industry. The profitability of individual companies depends on operational efficiency and customer service. Large companies have advantages in relationships with large property managers and owners, and economies of scale in operating efficiency. Small companies can compete effectively by catering to customer needs and operating a desirable location.
The industry is concentrated: the top 50 US companies generate 70 percent of revenue. About 90 percent of companies operate a single facility.
PRODUCTS, OPERATIONS & TECHNOLOGY
Major services are auto parking services in parking lots and garages. Ancillary services, such as oil changes, auto detailing, and dry cleaning pickup, are offered at many urban parking facilities. Companies with facilities at airports frequently offer shuttle ...
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