$1.9bn
$XXX.Xm
3,776
422
$XXX.Xm
The COVID-19 pandemic has hurt Parking Services industry particularly hard. Growth in the number of motor vehicles and rising airport patronage fuelled revenue growth in 2018-19. However, the COVID-19 pandemic in early 2020 significantly deteriorated parking demand, causing a sharp drop in revenue, staff reductions and bringing about new consumer parking preferences. Revenue is forecast to decline at an annualised 3.5% over the five years through 2023-24, to an estimated $1.9 billion. This trend includes a projected decline of 0.6% in 2023-24 due to significant revenue growth in 2022-23.The closure of Australia's borders to non-residents in March 2020 and internal border restrictions drastically slashed demand for airport parking services. Growth in the number of Australians working from home muted demand for parking services in the CBDs of capital cities. The end of lengthy lockdowns and easing travel restrictions have slowly rebounded demand for parking services. There has been swift growth in the demand for contactless parking payments. Consumers have increasingly preferred using cards and other contactless payment solutions in addition to e-wallet options to reduce touchpoints and engagement with personnel.Revenue is on track to recover, driven by the Australian economy's estimated recovery from the recession caused by COVID-19. Rising air passenger movements through capital city airports and the number of vehicles in Australia are set to contribute to solid growth in demand for parking services. High prices for parking services are going to limit the number of commuters using car parking spaces in CBDs. Continued competition from public transport, taxis and alternative transport services like Uber are set to restrict revenue growth. Increasing road congestion in key business districts is set to slightly constrain demand. Several major transport infrastructure projects are on track to reach completion, boosting commuter numbers and consequently demand for parking. Overall, revenue is forecast to rise at an annualised 1.8% over the five years through 2028-29, to an estimated $2.1 billion.
Industry revenue has declined at a CAGR of 3.5 % over the past five years, to reach an estimated $1.9bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 |
---|---|---|
Secure Parking | 317.5 | |
Wilson Group | 265.6 | |
Sydney Airport | 145.7 |
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Industry revenue is measured across several distinct product and services lines, including Periodic car parking services, Daily car parking services and Short-stay car parking services. Periodic car parking services is the largest segment of the Parking Services in Australia.
The COVID-19 pandemic threatened demand for periodic car parking services
Industry firms provide parking space for motor vehicles, generally on an hourly, daily or monthly basis. These operations include parking garages, parking stations and valet parking. Council operated car parks are excluded from the industry.
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ANZSIC 9533 - Parking Services in Australia
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
The COVID-19 pandemic has resulted in a significant deterioration in industry sales. The closure of Australia's international borders and domestic travel restrictions sharply...
Learn about an industry's products and services, markets and trends in international trade.
The COVID-19 pandemic temporarily reduced demand for weekday off-peak parking services. Pandemic restrictions led to reduced consumer outings and remote work arrangements.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Many larger parking services providers are concentrated in CBD locations. According to recent trends, an increasing number of car parking services are becoming available on t...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
A crucial factor in the successful operation of a parking station is its location. High-traffic areas might charge more costs for parking, resulting in increased profitabilit...
Learn about the performance of the top companies in the industry.
The severe downturn in air traffic during the COVID-19 pandemic has had flow-on effects on parking operations at major airports. Some large players converted their outdoor ca...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Taxi and limousine services are alternatives to driving and parking one's car. The increased demand for taxi and limousine services has a detrimental effect on parking servic...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Capital investment in automatic ticketing systems has reduced parking services operators’ reliance on manual labour. Employment has decreased as a result of investment in new...
Including values and annual change:
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Key data sources in Australia include:
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These sources include:
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The market size of the Parking Services industry in Australia is $1.9bn in 2024.
There are 422 businesses in the Parking Services industry in Australia, which has grown at a CAGR of 2.2 % between 2018 and 2023.
The market size of the Parking Services industry in Australia has been declining at a CAGR of 3.5 % between 2018 and 2023.
Over the next five years, the Parking Services industry in Australia is expected to grow.
The biggest companies operating in the Parking Services market in Australia are Secure Parking, Wilson Group and Sydney Airport
Periodic car parking services and Daily car parking services are part of the Parking Services industry.
The company holding the most market share in Australia is Secure Parking.
The level of competition is moderate and increasing in the Parking Services industry in Australia.