Valet parking is a service that has been around for centuries, but it’s only recently become more popular due to the convenience and time-saving benefits it offers. The global valet parking market size was valued at USD 22.5 billion in 2019 and is expected to grow at a CAGR of 11.5% from 2019 to 2025 according to Grandview Research. In 2020, the US valet parking services industry had an estimated market size of $8 billion with over 32,000 people employed by 2,800 businesses across the country as reported by IBISWorld research data.
The North American region holds 60% share in this growing industry which is predicted to increase its revenue by 20.8% between 2020 and 2025 according to SCIRP reports while automated valet systems (AVPS) are projected reach $2.05 billion globally by 2025 per PR Newswire estimates . Furthermore, surveys have revealed that 89 percent of drivers find advancements in technology important or very important when looking for convenient ways park their vehicles; additionally customers spend on average 12 minutes searching for spaces before opting into paying extra money for faster solutions such as valet services – something restaurants can benefit from since they could see up 20 percent growth if offering these types of services according European Blue Valets statistics..
In conclusion there’s no doubt that the demand for efficient car storage options will continue increasing worldwide especially within airports where fastest growth rate during 2020-2027 period has been forecasted along with hotel sector holding 33 %of total market share followed closely behind Asia Pacific region expecting 12 %CAGR between 2021-2028 – all pointing towards bright future ahead.
Valet Parking Industry Statistics Overview
The market size of the US valet parking services was around $8 billion in 2020.
This statistic is a testament to the immense size of the US valet parking services industry. It highlights the fact that the industry is a major player in the economy, and that it is a lucrative business opportunity for those looking to invest in it. Furthermore, it serves as a benchmark for the industry’s growth and development, providing insight into the potential for further expansion.
The United States valet parking industry employs over 32,000 people.
This statistic is a testament to the size and scope of the valet parking industry in the United States. It shows that the industry is a major employer, providing jobs to over 32,000 people. This is an important indicator of the industry’s economic impact and its importance to the US economy.
The number of valet parking businesses in the United States is approximately 2,800.
This statistic is a key indicator of the size and scope of the valet parking industry in the United States. It provides a snapshot of the number of businesses that are actively engaged in the valet parking industry, and can be used to gauge the overall health of the industry. Additionally, it can be used to compare the size of the industry in the United States to other countries, and to identify potential areas of growth.
Between 2020 and 2025, the valet parking revenue in North America is expected to grow by 20.8%.
This statistic is a testament to the potential of the valet parking industry in North America. It shows that the industry is expected to experience a significant growth in the coming years, indicating that it is a lucrative and promising sector. This is an important piece of information for anyone interested in the valet parking industry, as it provides an insight into the potential of the industry and the opportunities it presents.
In 2019, the valet parking market size exceeded $22.5 billion and is expected to grow at a CAGR of 24.7% from 2019 to 2029.
This statistic is a testament to the immense potential of the valet parking industry. It shows that the market size has already exceeded $22.5 billion and is projected to grow at a staggering CAGR of 24.7% over the next decade. This indicates that the valet parking industry is a lucrative and rapidly expanding sector, making it an attractive investment opportunity for those looking to capitalize on the trend.
Automated valet parking systems (AVPS) market is expected to reach $2.05 billion by 2025, globally.
This statistic is a testament to the growing popularity of automated valet parking systems (AVPS). It shows that the market for AVPS is expected to expand significantly over the next few years, indicating that more and more people are turning to this technology to make their parking experience easier and more efficient. This is an important statistic to consider when discussing the valet parking industry, as it provides insight into the current and future trends of the industry.
Approximately 89% of people find parking technology advancements important or very important.
This statistic is a powerful indicator of the importance of parking technology advancements in the eyes of the public. It shows that the majority of people recognize the value of such advancements and are likely to be interested in the latest developments in the valet parking industry. This statistic is a great starting point for a blog post about valet parking industry statistics, as it provides a clear indication of the public’s interest in the topic.
The number of valet parking companies in the European market grew by over 132% between 2014 and 2018.
This statistic is a testament to the remarkable growth of the valet parking industry in Europe over the past four years. It shows that the demand for valet parking services has increased significantly, indicating that the industry is thriving and has potential for further expansion. This is an important piece of information for anyone interested in the valet parking industry, as it provides insight into the current state of the market and its potential for future growth.
Over 50% of surveyed people stated saving time as the primary factor for selecting valet parking.
This statistic is a powerful indicator of the value that customers place on valet parking services. It shows that customers prioritize convenience and time-saving when selecting valet parking, making it a desirable option for those looking to save time and effort. This statistic is an important piece of information for anyone interested in the valet parking industry, as it provides insight into the motivations of customers and the potential for growth in the industry.
Smart parking technologies, including valet parking services, can save drivers up to 60 hours per year.
This statistic is a powerful testament to the value of valet parking services. It demonstrates that by utilizing smart parking technologies, drivers can save a significant amount of time – up to 60 hours per year – that would otherwise be spent searching for a parking spot. This is an invaluable benefit for those who are short on time and need to get to their destination quickly.
The US valet parking industry experienced a -14.1% annual growth between 2015 and 2020.
This statistic is a telling indication of the state of the US valet parking industry, demonstrating a significant decline in growth over the past five years. It serves as a reminder of the challenges the industry has faced and the need for further innovation and investment to ensure its future success.
An average customer spends approximately 12 minutes looking for a parking space and is willing to pay more for valet services to save time.
This statistic is a testament to the value of valet services, as it shows that customers are willing to pay more to save time. It highlights the convenience of valet parking, and how it can be a great asset to customers who are in a hurry. This statistic is an important part of understanding the valet parking industry, as it shows how customers are willing to pay for the convenience of valet services.
Conclusion
The valet parking industry is a rapidly growing market, with the global market size estimated to be valued at USD 22.5 billion in 2019 and expected to grow at a CAGR of 11.5% from 2019 to 2025. The US valet parking services had an estimated market size of $8 billion in 2020 and employed over 32,000 people across 2,800 businesses. North America has seen significant growth in this sector between 2020-2025 with revenue increasing by 20.8%. Automated Valet Parking Systems (AVPS) are also gaining traction globally as they are projected to reach $2.05 billion by 2025 due largely to customer demand for time saving technologies such as these systems which can save drivers up 60 hours per year on average looking for parking spaces alone. With hotels holding the largest share of 33%, airports showing the fastest growth rate and customers willing pay more for convenience – it’s clear that there is great potential within this industry going forward into 2021 and beyond.
References
0. – https://www.gcn.com
1. – https://www.3wnews.org
2. – https://www.prnewswire.com
3. – https://www.syracuse.com
4. – https://www.ibisworld.com
5. – https://www.scirp.org
6. – https://www.bluevalet.fr
7. – https://www.grandviewresearch.com
