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.

Sep 23, 2026 - Drone Tech Tracks Parking

• A $1.5 million real-time parking tracking initiative at Acadia National Park that may use drone technology highlights growing opportunities for US parking lots and garages to use technology to manage congestion and improve space utilization, according to a Parking Today report. The project comes as Acadia reported record crowds in July and August, increasing pressure on parking and transportation infrastructure. Officials are also advancing a new off-highway parking area near Eagle Lake, underscoring demand for both added capacity and smarter traffic management. For parking operators, similar investments could support demand for digital occupancy monitoring, real-time availability systems, remote lots, and congestion-management services, particularly at high-traffic tourist and recreation destinations.
• Weakening consumer confidence points to a cautious outlook for US parking lots and garages, where demand depends partly on commuting, shopping, travel, dining, and entertainment activity. The University of Michigan’s September Consumer Sentiment Index fell 7.5% to 47.8, signaling weaker consumer willingness to spend. Current Economic Conditions slipped 1.9% to 50.9, suggesting near-term activity may remain relatively stable, while Consumer Expectations dropped 11.1% to 45.8, raising the risk of reduced discretionary trips and parking demand. The Conference Board’s August Consumer Confidence Index edged down to 89.4. Its Present Situation Index rose to 121.2, supporting near-term parking activity, but the Expectations Index fell to 68.2, indicating consumers may become more selective about travel and leisure spending.
• 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.
• 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.

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.