Most people don’t have any idea how big the parking industry is, but the Chicago Tribune recently threw out a number: $30 billion. I would bet it’s bigger than that, but it has to be a good feeling or members of the industry to hear that kind of validation. Most people park their cars, but never think about parking as an industry like fashion or electronics. I think that’s about to change.
According to chicagotribune.com, the race to fill the needs of parkers through online parking apps is going hot and heavy. It’s getting more and more press and the players are getting more and more recognizable.
Although not all of them have disclosed funding levels, CB Insights reports that investors have poured at least $109 million into top parking apps. Look for winners to emerge in this nascent field quickly. Also, expect fierce competition for partnerships with carmakers, as apps fight one another to win valuable real estate inside the next wave of connected cars.
Digital parking applications that provide services for airports, cities and individuals are named in the article including Luxe, ParkWhiz and SpotHero. There’s even a mentiono f the apps that didn’t make it, mostly those that attempted to sell parking spots they didn’t own. The article predicts that the apps that stand the test of time will be those that offer diverse services: airport parking, as well as city parking and reservations.
Maybe the lass flashy members of the industry deserve more attention, too, but for now, this is a good start toward the world seeing parking for the giant that it is.
Read the article here.