Industry revenue of “parking lots and garages“ in the U.S. from 2011 to 2023
(in billion U.S. Dollars)
Industry revenue of “parking lots and garages“ in the U.S. 2011-2023
The car parking industry in the U.S. dates to the late eighteenth century with the inauguration of the first public parking garage in Boston. Since then, the industry has grown multifold and reached almost 10 billion U.S. dollars by 2017. The next few years, however, is expected to bring new challenges and the industry is likely to demonstrate restricted growth.

Increase in shopping malls drive the market revenue

Appraisal in commercial space, specifically the increase in the number of office buildings and shopping malls directly impact the parking lots and garages industry. In the last two decades, more than twenty thousand shopping malls were added which helped the industry revenue to reach at the current level. The sustained increase in employment, disposable income and car ownership are likely to augment the industry revenue over the next few years.

The U.S. leads the global smart parking market

High value of real estate in major cities, space constraints, and fast paced lifestyle of the younger generation have led the parking management companies to adopt new age technologies including use of robotics and smart parking systems to increase productivity. By far, the has been the market leader accounting for more than half of the global smart parking market revenue in the last few years, and it is likely to maintain its position in the short to medium term as well. However, the technological advancements and automation is expected to impact employment in parking lots industry. According to the Bureau of Labor Statistics, more than 35% of jobs in parking enforcement is set to shrink by 2026.
Industry revenue of “parking lots and garages“ in the U.S. from 2011 to 2023
(in billion U.S. Dollars)
Revenue in billion U.S. Dollars
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Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

The industry classification is based on the Naics 2017 - system in the U.S.. The industry “parking lots and garages“ has the code “81293“.

Details on the methodology can be found here.

Please visit here for more information on Statista market forecasts.

Industry revenue of “parking lots and garages“ in the U.S. 2011-2023
The car parking industry in the U.S. dates to the late eighteenth century with the inauguration of the first public parking garage in Boston. Since then, the industry has grown multifold and reached almost 10 billion U.S. dollars by 2017. The next few years, however, is expected to bring new challenges and the industry is likely to demonstrate restricted growth.

Increase in shopping malls drive the market revenue

Appraisal in commercial space, specifically the increase in the number of office buildings and shopping malls directly impact the parking lots and garages industry. In the last two decades, more than twenty thousand shopping malls were added which helped the industry revenue to reach at the current level. The sustained increase in employment, disposable income and car ownership are likely to augment the industry revenue over the next few years.

The U.S. leads the global smart parking market

High value of real estate in major cities, space constraints, and fast paced lifestyle of the younger generation have led the parking management companies to adopt new age technologies including use of robotics and smart parking systems to increase productivity. By far, the has been the market leader accounting for more than half of the global smart parking market revenue in the last few years, and it is likely to maintain its position in the short to medium term as well. However, the technological advancements and automation is expected to impact employment in parking lots industry. According to the Bureau of Labor Statistics, more than 35% of jobs in parking enforcement is set to shrink by 2026.
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