Evolution of the Parking Industry to Stay Afloat: An $8 Billion Industry

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Written By Jennifer Joslyn

🚙 Evolution of the Parking Industry to Stay Afloat: An $8 Billion Industry.

The US parking industry, which earned about $121 billion in 2022, is slowly recovering from the Covid-19 pandemic, with the entire parking industry projected to earn about $144 billion in 2023. However, insiders say that demand for paid parking is either flat or declining in nearly every market, except for healthcare facilities and events. Insiders also say that the industry is crowded and fragmented, and is worried about demand declines brought about by e-commerce, ride-hailing, and post-pandemic work trends. As such, the industry has been forced to reinvent itself by investing in new services and technology, including an app that allows customers to reserve spaces ahead of time and pay for parking on their phones, as well as technology for charging electric vehicles.

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Jennifer Joslyn
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