No parking: Growth in Canadian disposable income and vehicle purchases will expand industry revenue

The Parking Lots and Garages industry in Canada experienced steady growth over the five years to 2019. Operators within the industry provide parking services to a wide range of consumers and businesses, which results in stable demand. During the current period, the industry benefited from an increase in the number of motor vehicle registrations in Canada, which expanded the potential client base for industry operators. Additionally, Canadian employment and disposable incomes gradually grew over the five years to 2019, which helped spur rising parking rates. As the unemployment rate fell, more people were required to travel to work and use industry services...read more.

Industry Statistics & Market Size
Revenue
$412m
Annual Growth 14-19
2.0%
Forecast Growth 19-24
Profit
Employment
4,323
Businesses
475

Industry Threats & Opportunities

  • Canadian employment and disposable incomes gradually grew over the past five years, which helped spur rising parking rates
  • Operators primarily operate through management contracts
  • Revenue growth will be partially driven by renewed nonresidential construction activity
  • Industry Report - Industry SWOT Analysis Chapter

    The Parking Lots and Garages industry in Canada is in the mature stage of its life cycle. Industry value added (IVA), which measures an industry's contribution to the economy, is projected to increase at an annualized rate of 2.6% over the 10 years to 2024. In contrast, Canada's GDP is projected to grow at an annualized rate of 1.7% during the same period. While IVA growth that exceeds that of national GDP usually indicates a growing industry, there are other indicators that point to this industry's maturity.The industry is dependent on economic factors such as employment, disposable income and motor vehicle usage. The industry is steadily investing in robotics and automation technology to improve the efficiency of parking operations. Tec...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
  • On-street parking services
  • 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
  • Industry structure
  • Tourism trends
  • Automation
  • Chart: Revenue Growth

  • Industry Outlook
  • Macroeconomic trends
  • Future obstacles
  • 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
  • On-street parking services
  • Chart: Parking Lots & Garages Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Privately operated central business district
  • Other
  • Shopping centres
  • Hotels and restaurants
  • Offices
  • Hospitals
  • Stations and airports
  • 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
    WagesPurchasesProfitDepreciationMarketingMarketingMarketingOther
  • Chart: Cost Structure Benchmarking – Sector vs Parking Lots & Garages

  • Basis of Competition
  • Internal competition
  • External competition

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

  • Industry Globalization
    Toronto Parking Authority, Indigo Group SAS, SP Plus Corporation,
  • Table: Toronto Parking Authority - financial performance
  • Table: Indigo Group SAS - financial performance
  • Table: SP Plus Corporation - 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
    Includes:
  • Industry Revenue (2010-2024)
  • Industry Gross Product (2010-2024)
  • Establishments (2010-2024)
  • Businesses (2010-2024)
  • Employment (2010-2024)
  • Wages (2010-2024)
  • Wages (2010-2024)
  • Purchases (2010-2024)
  • Profit (2010-2024)
  • Depreciation (2010-2024)
  • Marketing (2010-2024)
  • Rent (2010-2024)
  • Utilities (2010-2024)
  • Other (2010-2024)
  • Number of motor vehicle registrations (2010-2024)

  • 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 semiautomated 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 is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

    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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