Companies in this industry provide parking space for motor vehicles. Major companies include ABM, Ace Parking, Diamond Parking, Lanier Parking, SP Plus, and TPS Parking (all based in the US), along with Impark (Canada), Indigo (France), Park24 (Japan), and Wilson Parking (Australia).
Demand is driven by the occupancy rates of commercial real estate: large buildings require parking spaces for commuters, customers, and related area industry. The profitability of individual companies depends on operational efficiency and customer service. Large companies have advantages in relationships with large property managers and owners, and economies of scale in operating efficiency. Small companies can compete effectively by catering to customer needs and operating a desirable location.
Products, Operations & Technology
Revenue comes from mainly from operating parking lots and garages. Ancillary services, such as valet parking, meter collection, and remote monitoring, are offered at many urban parking facilities. Companies with facilities at airports frequently offer shuttle buses between the parking facility and airport terminal, as well as taxi and livery dispatch services.