How the $8 billion parking industry is evolving to stay alive

  • 📰 CNBC
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 72%

Business News News

Business Business Latest News,Business Business Headlines

The demand for parking garages has yet to recover post-pandemic, so the $8 billion parking industry is finding ways to evolve.

There are between 700 million and 2 billion parking spaces in America — or put another way, between 2.5 to seven spots for every registered vehicle. About 10% of that inventory is paid parking. And for decades, it was a pretty stable business.

The entire parking industry is projected to pull in about $144 billion in 2023. That's a 10% increase over 2019 levels. Yet many in the industry worry about demand declines. Growth is expected to return, albeit slightly and slowly, in part from pent-up demand and adaptations operators are making, including providing services for the growing ride-hailing market and the rise of electric vehicles, such as charging or vehicle maintenance.SP Plus

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in BUSİNESS

Business Business Latest News, Business Business Headlines