Parking Lots & Garages in the US Industry Market Research Report from IBISWorld Has Been Updated

Increases in parking rates during the five years to 2013 and recent improvements in consumers' discretionary spending contributed to the industry's turnaround. For these reasons, industry research firm IBISWorld has updated a report on the Parking Lots & Garages industry in its growing industry report collection.

  • Share on TwitterShare on FacebookShare on Google+Share on LinkedInEmail a friend
As the economy recovers, rising incomes will boost consumer demand for parking services.

Los Angeles, CA (PRWEB) September 27, 2013

The Parking Lots and Garages industry was not immune to the recession. As disposable income dropped, consumers reduced their spending on air travel, shopping outings, sporting events and concerts; the large parking facilities at these venues suffered. Also, escalating fuel costs forced some consumers to use alternate modes of transportation, such as mass transit, which reduced their parking needs. “In addition, rising unemployment cut into the number of people commuting to work,” according to IBISWorld Industry Analyst Hayden Shipp. However, the industry's recession-driven revenue losses were relatively small and reversed in 2011.

Increases in parking rates during the five years to 2013 and recent improvements in consumers' discretionary spending contributed to the industry's turnaround. Also, sectors that were somewhat resistant to the recession, such as hospitals, universities and municipalities, increasingly used outsourced parking services which benefited industry revenue. As such, revenue has grown at an annualized rate of 0.8% in the five years to 2013 despite losses early in the period. In 2013, industry revenue is expected to grow 1.7% to $9.6 billion.

During the five years to 2013, the largest providers of parking services have engaged in mergers and acquisitions. In 2012, the industry's largest companies merged: Standard Parking Corporation purchased Central Parking Corporation. Laz Parking also made a series of acquisitions during this period with the financial backing of its co-owner Vinci. The company extended its reach from the East Coast to most major metropolitan areas of the United States.

In the five years to 2018, the Parking Lots and Garages industry’s growth is expected to accelerate. This growth reflects the increased demand for parking that will stem from a growing economy. “As employment increases and boosts disposable incomes, higher consumer spending at airports and entertainment venues is expected to raise demand for parking services,” says Shipp. However, decreased reliance on personal automobiles, due to a better public transportation and bicycle infrastructure, poses a potential threat for the industry.

For more information, visit IBISWorld’s Parking Lots & Garages in the US industry report page.

Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld
Friend IBISWorld on Facebook: http://www.facebook.com/pages/IBISWorld/121347533189

IBISWorld industry Report Key Topics

The Parking Lots & Garages Industry provides parking and valet service on an hourly, daily or monthly basis. The industry primarily operates via management contracts, lease agreements or property ownership.

Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
Products & Markets
Supply Chain
Products & Services
Major Markets
Globalization & Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Major Companies
Operating Conditions
Capital Intensity
Key Statistics
Industry Data
Annual Change
Key Ratios

About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.


Contact

  • Gavin Smith
    IBISWorld
    +1 (310) 866-5042
    Email