Parking Lots & Garages

Parking Lots & Garages

Brief Excerpt from Industry Overview Chapter:

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).

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.

PRODUCTS, OPERATIONS & TECHNOLOGY

Revenue mainly comes from parking services, which accounts for 50% of the industry revenue. Other services include off-street parking services; hourly and daily (25%); weekly and monthly in buildings (about 10%); and weekly and monthly in lots (about 10%). Valet parking also accounts for 10% of the industry revenue, with on-street parking services accounting for the rest. Companies with facilities at airports frequently offer shuttle buses between the parking facility and airport terminal, as well as taxi and livery dispatch services.