Open spot: Increasing car purchases and rising disposable incomes will contribute to industry growth

The Parking Lots and Garages industry experienced general growth over the five years to 2018. The industry has benefited from an increase in the number of motor vehicle registrations in Canada, which bolstered the potential client base for industry operators. Furthermore, sectors that were relatively resistant to the recession, such as hospitals, universities and municipalities, increasingly used outsourced parking services, which benefited industry revenue.The industry has invested more in parking automation and online technology; while these new technologies raise capital costs, they also help industry operators experience long-term savings on labour. Industry revenue is projected to expand slowly in the coming years, buoyed by rising disposable income and vehicle more.

Industry Statistics & Market Size
Annual Growth 13-18
Forecast Growth 18-23

Industry Threats & Opportunities

  • The industry has benefited from an increase in the number of motor vehicle registrations in Canada
  • When more consumers are going in and out of airports, demand for airport parking increases
  • Some revenue growth will derive from resuming international air travel by Canadian residents
  • Industry Report - Industry Key Buyers Chapter

    The Parking Lots and Garages industry in Canada is fragmented. Due to relatively low capital costs, parking management companies only derive moderate benefits from economies of scale. Additionally, the distance between major metropolitan regions makes it costly to operate across the country. However, Standard Parking Corporation, a major player in the US Parking Lots and Garages industry (IBISWorld report 81293), operates facilities in three Canadian provinces. Nevertheless, Infra Park SAS and SP Plus Corporation are the largest operators in Canada, accounting for a combined 25.9% of industry's revenue in 2018...purchase to read more.

    Additional Insights for the Parking Lots & Garages Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Parking Lots & Garages Industry are

  • Proximity to key markets
  • Ensuring pricing policy is appropriate
  • Having a loyal customer base
  • IBISWorld analysts also discuss how external factors such as Number of motor vehicle registrations and Per capita disposable income in the Parking Lots & Garages industry impact industry performance..

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    What's in this report

    What is the Parking Lots & Garages Industry?

    Operators in this industry provide parking and valet services for motor vehicles on an hourly, daily or monthly basis. Industry participants operate via management contracts, lease agreements or property ownership.

    Industry Products
  • Off-street parking - hourly or daily
  • Off-street parking in buildings - weekly or monthly
  • Off-street parking on lots - weekly or monthly
  • Management fees
  • Valet parking
  • Industry Activities
  • Parking management contracts
  • Leased parking facility management
  • Valet services
  • Shuttle bus services
  • On-street parking
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Number of motor vehicle registrations
  • Per capita disposable income
  • International trips by Canadian residents
  • World price of crude oil
  • National unemployment rate

  • Current Performance
  • Macroeconomic trends
  • Tourism trends
  • Automation
  • Chart: Revenue Growth

  • Industry Outlook
  • Macroeconomic trends
  • Demographic changes
  • Automation continues to grow
  • Table: Parking Lots & Garages Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Parking Lots & Garages Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Airport Operations in Canada
  • Hospitals in Canada
  • Hotels & Motels in Canada
  • Public Administration in Canada
  • Colleges & Universities in Canada

  • Key Selling Industries
  • Apartment Rental in Canada
  • Commercial Building Construction in Canada
  • Commercial Leasing in Canada
  • Electrical Equipment Manufacturing in Canada
  • Real Estate Sales & Brokerage in Canada

  • Products & Services
  • Off-street parking - hourly or daily
  • Off-street parking in buildings - weekly or monthly
  • Valet parking
  • Off-street parking on lots - weekly or monthly
  • Management fees
  • Other
  • Chart: Parking Lots & Garages Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Government and not-for-profit organizations
  • Commercial
  • Transportation and transit
  • Chart: Major Market Segmentation for the Parking Lots & Garages Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitRent and utilitiesWagesPurchasesDepreciationOther
  • Chart: Cost Structure Benchmarking – Sector vs Parking Lots & Garages

  • Basis of Competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Parking Lots & Garages Industry

  • Industry Globalization
    Infra Park SAS,
  • Table: Infra Park SAS - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Parking Lots & Garages Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Parking Lots & Garages Industry
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Number of motor vehicle registrations (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Lease Operation
  • An arrangement where a service provider rents the property their business is on and is not responsible for major maintenance or capital expenditures on the property or real estate taxes.
  • Management Contract
  • An agreement where a facility is managed for a fixed fee while the landowner or contracting business receives all payments and covers maintenance and rental or mortgage costs.
  • Mechanical Parking Structure
  • A fully or semi-automated parking system that minimizes the area needed to park cars through mechanical lifts.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Parking Lots & Garages market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Parking Lots & Garages:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Parking Lots & Garages market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Parking Lots & Garages, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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