Parking Lots and Garages

The 2,800 parking management companies in the US provide parking space in lots and garages for motor vehicles on an hourly, daily, or monthly basis. Some firms also provide valet parking services or collection services for on-street parking meters. Firms may own parking lots and garages or may operate them on a contract basis for others, including municipal governments, hospitals, airport authorities, or commercial building owners. Large firms may also operate related transportation services, such as airport shuttle services or taxi dispatch services.

Managing Security And Safety Issues

Security and safety issues for parking lots and garages include traffic hazards, pedestrian falls, crime, and theft of credit/debit card information.

Dependence On Gasoline Prices And Economy

Demand for parking lots and garages is driven primarily by commuters to work, shoppers, airline travelers, hospital visitors, and event attendees.

Jul 23, 2026 - Cities Accelerate Shift to Digital Parking Management

• US parking operators are accelerating investments in digital parking technology as municipalities replace traditional parking meters with app-based payment systems and smarter curb management, according to WKMG News 6 Orlando. Orlando launched the first phase of a citywide modernization project in July, removing parking meters and transitioning to cashless payments through the ParkMobile app, text, or phone while planning broader changes to parking rates and curb management later this year. City officials expect the move to improve convenience, increase parking turnover, and reduce operating costs by about $500,000 annually. Orlando joins a growing number of cities and universities adopting mobile payments, license plate recognition, and real-time parking management to improve efficiency and customer experience. For parking garage and lot operators, the trend highlights rising customer expectations for frictionless, digital parking while creating opportunities to improve utilization, reduce maintenance costs, and generate operational efficiencies through technology investments.
• Consumer confidence and sentiment both improved in recent weeks, a positive sign for US parking garage and lot operators, as stronger consumer confidence could support shopping, dining, entertainment, and travel activity that drives parking demand. The Conference Board's Consumer Confidence Index edged up to 91.2 in June as expectations for business conditions and incomes improved, although perceptions of the labor market weakened. Meanwhile, the University of Michigan's preliminary July Consumer Sentiment Index rose 9.9% to 54.4, its highest level since February, while the Current Economic Conditions Index climbed 15.1% to 54.9 and the Consumer Expectations Index increased 6.5% to 54.0. Despite the gains, all three Michigan indexes remained below year-ago levels, suggesting parking operators may benefit from gradually improving consumer activity but should expect demand to remain tempered until confidence strengthens further.
• Hybrid work, EV adoption, and data-driven parking management are reshaping the US parking lot and garage industry, according to a May 2026 report from Parking Today. The article noted that fluctuating office attendance has weakened traditional long-term parking demand and accelerated the evolution of monthly parking from rigid annual contracts to more flexible, subscription-based models. It also highlighted that drivers circling for parking contribute significantly to urban congestion, while growing EV adoption is increasing demand for guaranteed charging access in garages and lots. The report said underused office, residential, and mixed-use parking facilities represent untapped revenue opportunities without requiring new construction. In response, operators are increasingly using digital marketplaces, occupancy analytics, and dynamic pricing tools to monetize unused spaces and better manage variable demand. The shift toward flexible monthly parking could create new recurring revenue streams across the industry.
• A proposed $52 million “Waymo-ready” automated garage in Raleigh highlights evolving opportunities for the US parking lots and garages industry, according to a Hoodline report. The project uses mechanized stacking, EV charging, and autonomous vehicle integration to maximize capacity while reducing land use, repurposing roughly 10 acres of industrial land. Designed to support robotaxi fleets, the model reflects a shift toward tech-enabled, space-efficient parking solutions. Industrywide, such developments could reduce reliance on traditional parking formats as autonomous vehicles expand, while opening new revenue streams tied to fleet storage, charging, and mobility hubs. However, growth depends on regulatory approvals and the pace of autonomous adoption, signaling both near-term uncertainty and long-term transformation potential for parking operators and developers.

Industry size & Structure

A typical parking management company employs fewer than 48 workers and generates about $4.1 million annually.

• The industry consists of about 2,800 companies with 12,000 locations that employ 132,200 workers and generate $11.3 billion in annual revenue.
• The industry is concentrated at the top with the largest 20 companies generating about 55% of industry revenue.
• Large companies include SP Plus, Ace Parking Management, LAZ Parking, ABM Parking Services, Impark (Canada and US) and Park Inc.