Dive into the fascinating world of garage industry as we explore its significant trends, dynamic growth patterns and profound impact on the global economy.
The garage industry is a vital part of our economy, encompassing everything from small, independent repair shops to large, multi-site operations. With the U.S. automotive repair and maintenance services market expected to reach $810 billion by 2026, the garage industry is clearly thriving.
This article will delve into the heart of the garage industry, providing key statistics, trends, and insights that will help you understand the current state and future prospects of this dynamic sector.
Whether you’re a garage owner, an investor, or just someone with a keen interest in the industry, you’ll find the comprehensive data and analysis provided here invaluable.
Garage industry accounts for USD 5.38 billion in 2022
Garnering an impressive market volume, 2022 saw industry-wide earnings clock in at an impressive USD 5.38 billion.
Despite the global economic challenges posed by the pandemic, these numbers not only held firm but showed resilience, further amplifying the importance and stability of the garage industry in the global commercial landscape.
Solidifying its robust market position, the industry continued to thrive, contributing significantly to national and international economies.
The industry is expected to reach USD 12.91 billion by 2032 expanding at a CAGR of 9.15%
Riding on robust growth projections, the market for garage services shows significant potential. Estimates suggest an impressive compound annual growth rate (CAGR) of 9.15%, catapulting the industry’s monetary worth to a staggering USD 12.91 billion by the end of 2032.
An array of factors contributes to this positive trajectory, including consumer preference shifts towards advanced garages and increasing vehicle penetration. A surge in organized retailing coupled with commercial infrastructure investments acts as further catalysts.
Gauging by these trends, the next decade promises immense opportunities for industry players to tap into, heralding an era of expansion and consolidation in the garage industry.
North America generated more than 36% of the revenue share in 2022
In 2022, the region marked as the most lucrative in the global garage industry was North America, taking in over one-third of the total revenue. The prevalence of private car ownership and an advanced network of roads and highways in countries like the US and Canada contribute enormously to this figure.
The convenience of love for driving and demand for structured parking generated extensive opportunities for revenue in the sector. The growth in this region is projected to persist as trends like public-private partnerships for urban infrastructure development continue to thrive.
Parking sites generated over 71% of the industry’s revenue share in 2022
Occupying a prominent position within the garage industry are off-street parking sites. In 2022 alone, these installations were responsible for more than 71% of the total revenue. Their popularity can be attributed to their convenience, as they often provide direct access to shopping centers, office buildings, and residential complexes, among others.
Furthermore, they offer greater security compared to on-street alternatives, a factor that significantly enhances their appeal in the eyes of many parkers. Consequently, their substantial contribution to the industry’s revenue has proved to be not just consistent, but steadily rising.
The market size of parking lots and garages industry increased by 0.1% in 2022
In 2022, a 0.1% growth was recorded for the market size of the parking lot and garage industry. This seemingly minuscule increase demonstrates the resilience of this sector amidst challenging economic conditions.
Regardless of the prevailing market turbulences, the industry managed to register an expansion, underpinning its crucial role and relevance in numerous economies worldwide – a testament to its enduring vitality.
The Parking industry is ranked as the 17th industry in the US in market size
With its significant revenue generation, the garage industry holds a prestigious position in the US market. Coming in at the 17th place, this industry’s size shows its pertinent role in the American economy.
This workforce prevalent sector has shown notable financial robustness and continues to manifest growth year on year, further strengthening its market position.
Garage industry is the 559th largest industry in the US in Other Services except Public Administration
This industry’s position as 559th among others signals a respectable standing. However, it is noteworthy that this ranking falls under the umbrella category of “Other Services except Public Administration.” This category possesses a wide range of businesses and services, indicating a highly competitive milieu.
Despite the fierce competition, garnering a top 600 position underscores the significant role of the garage industry within this broad sector. Its mark in the industry spectrum, though unnoticed by some, is appreciable. Such a noteworthy standing can be markedly construed as an index of its influence and relevance across economic spectrums.
In the light of these observations, it’s safe to surmise that the garage industry maintains a stable presence in the vast and diverse commerce landscape of the United States.
There are over 40,000 garages and surface parking lots in the US
In an expansive landscape, the United States accommodates an impressive number of garages and surface parking lots. Total count surpasses the 40,000 mark. These assets offer significant space not just for everyday vehicle storage, but also for commercial usage, playing a crucial role in urban infrastructure, shopping centers, and public transport hubs.
This vast presence underlines the overarching importance and role of the garage industry in the country.
About 10% of all parking and garage spaces in the US is paid parking
Digging deeper, the startling revelation emerges that only a slender slice of all parking and garage spaces in the U.S. – about 10% – fall under the purview of paid parking. This means that the majority of these spaces are either free or owned by private entities.
Given the scale of the industry, this percentage equates to a substantial amount, indicative of significant revenue generation.
Further examination of the underlying factors influencing this percentage, and its impact on the industry, is instrumental to comprehend the full picture of the U.S. garage industry landscape.
The entire parking and garage industry is expected to pull in about $144 billion in 2023
With a solid growth trajectory, the projections for the next year paint a vivid picture of the industry’s profitability. An anticipated income of about $144 billion shows the robustness and potential of the sector in 2023.
This highlights not only the industry’s value but also indicates the critical role it plays in the global economy. High profitability often correlates with job increases, which also provides a positive outlook for those seeking employment opportunities within the sector.
This forecast also suggests potential for future investment opportunities and demonstrates the sustainability and resilience of the parking and garage industry.
- https://www.precedenceresearch.com/
- https://www.ibisworld.com/
- https://www.parkingtoday.com/
- https://www.cnbc.com/