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        Parking Lots & Garages Industry Profile

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        Excerpt from Parking Lots & Garages Industry Profile

        Companies in this industry provide parking space for motor vehicles. Major companies include ABM, Ace Parking, Diamond Parking, Lanier Parking, SP Plus, and TPS Parking (all based in the US), along with Impark (Canada), Indigo (France), Park24 (Japan), and Wilson Parking (Australia).

        Worldwide, parking facility use is impacted by factors such as office occupancy, employment, car ownership, travel, and discretionary spending. Concern over lack of sufficient parking rises with the use of motor vehicles in developing economies.

        The US parking lots and garages industry includes about 12,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $9.5 billion.

        COMPETITIVE LANDSCAPE

        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 about 65% of revenue. About 90% of companies operate a single facility.

        PRODUCTS, OPERATIONS & TECHNOLOGY

        Revenue mainly comes from operating parking lots and garages; companies also try to offer ancillary services to increase income. Ancillary services, such as valet parking, meter collection, and remote monitoring, are offered at many urban parking facilities. ...

         
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