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
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