The parking lots and garages market consists of sales of parking lots and garages services by entities (organizations, sole traders and partnerships) that are engaged in operating parking lots and parking garages. These establishments provide temporary parking services for motor vehicles, usually on an hourly, daily, or monthly basis. Only goods and services traded between entities or sold to end consumers are included.
The global parking lots and garages market is expected to decline from $97 billion in 2019 to $95.57 billion in 2020 at a compound annual growth rate (CAGR) of -1.47%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The market is then expected to recover and reach $109.87 billion in 2023 at a CAGR of 4.76%.
