2021 Outlook & Global Parking Recovery: China, Australia, UK, and the US

Smarking Real-Time Data: US Weekly Visitor Off-Street Revenue YOY

Smarking Real-Time Data: US Weekly Visitor Off-Street Revenue YOY

Smarking-Parking Recovery In China_SunSea Parking

Parking Recovery In China - SunSea Parking

Australia Parking Market - Parking Australia

Australia Parking Market - Parking Australia

2021 Outlook & Global Parking Recovery: China, Australia, UK, and the US

Routines have changed, lives changed. People don't do the same thing all 5 days of the work week. Sometimes they drive, sometimes they take transit. The 'hybrid parker' segment is growing rapidly.”— Stuart Norman, CEO of Parking Australia SAN FRANCISCO, CALIFORNIA, UNITED STATES, October 26, 2020 /EINPresswire.com/ --

Key takeaways from Smarking's webinar, Global Parking Recovery In China, Australia, UK, and the US: 2021 Outlook, watch the full session here.

COVID's Impact on the US Parking Industry & Outlook on Recovery with Wen Sang, CEO of Smarking

• Before COVID: revenue was up +20% YoY for off-street parking
• At the start of COVID: -47% down in March and -94% in April YoY revenue change
• Parking activity is recovering slowly but surely week-over-week
• As of September, parking revenue is down -57% down YoY
• Recovery trends differ per region, visit our Market Watch for more granular
• Recovery is happening much faster with online sales channels

COVID's Impact on Transportation in the UK with Anthony Eskinazi, CEO of JustPark

• At the start of COVID, the UK government enacted a congestion charge, charging commuters 15 GBP ($19 USD) to drive into the city
• At the height of the pandemic: -90% of parking volume YoY
• There are behavioral differences per region: Canary Wharf's parking revenue is down 65-75% YoY, whereas the West End is only down 10-20% as more people have returned to the office
• Currently, overall parking volume is 20-30% lower YoY
• Since there has been a significant transition from public transportation to private vehicles, more commuters are leveraging online sales channels to guarantee their parking

2021 Trends & Looking Ahead:

• On-street real estate is being repurposed, curbside usage is changing faster than any other parking segment
• Micro-mobility models such as electric scooters and bikes will continue to grow
• Use of electric cars is growing, increasing need for charging stations
• Workers are embracing a work-from-home and in-office hybrid, therefore monthly parking programs need to be more flexible to accommodate new schedules
• The pandemic has accelerated the digitization of the parking industry and adoption of online channels, especially as it has helped recover parking demand and drive new customers to open garages

"I've noticed organizations are now more open to collaboration within a sector, they're moving away from the mentality that they have to do everything themselves in order to stay competitive. In the parking sector, there's the accelerated digitization of parking through online sales channels, micro-mobility models, or charging stations - opportunities for partnership where it's a win for everyone" - Anthony Eskinazi, CEO of JustPark

The Impact of COVID in China & Outlook on Recovery with Tony Jiang, President of SunSea (Largest parking operator in China)

• China's parking market: the largest parking market worldwide, with about 100 million parking bays
• In February, traffic and revenue in China was down to 11% at the height of the pandemic
• However, volume quickly recovered week-over-week, back to 100% YoY volume by August 2020
• Overall, China is completely back to normal, airports are getting busy now too
• There has been a large increase in monthly parking volume, as commuters opt out of public transportation
• There has been a large increase in new car sales as commuters move away from public transportation

Expectations for Q4 2020 & Looking Ahead to 2021

There are still worries that another wave of COVID will hit China, especially as international travel increases, 'It just takes one person for all of this to start again".

"Accept and adopt digital technology. In China, over 90% of parking transactions are done through online payment. Invest in online platforms to automate data needs. We don't have control over the pandemic or the policies. But we CAN control costs, cut costs to make sure you stay afloat. Communicate with your investors and executives, reassure them with data." - Tony Jiang, President of SunSea Parking

COVID's Impact on Transportation & Mobility in Australia with Stuart Norman

• The Australian parking market consists 19.8 million registered vehicles, with a population of 25 million (compared to 273.6 million vehicles in the US with a population of 328 million), a total of a $4.5 billion dollar industry
• The impact of COVID has varied greatly across the country, Melbourne is very different than Perth right now
• The city of Melbourne is under the world's longest lockdown (due to a large second wave). Over 100 days and they're only allowed to go out for 1-2 hours per day. Currently, there are 10-15 new cases per day
• Whereas, Perth, has been completely back to normal and COVID-free since about August
• Since flights out of Australia are prohibited, the airline industry is pretty much gone
• Consumer behavior and trust has changed, even in Perth where things are relatively back to normal, people don't trust public transportation and are driving into work
• Workforce and office buildings recovered quickly
• Lockdowns and local policy have been the biggest contributors to the unique recovery rate per state

"Parking habits have changed, routines have changed, and lives changed. People don't do the same thing all five days of the working week. Sometimes they drive, sometimes they take transit. You can't bank on a monthly parker being in that spot everyday. We call them hybrid parkers, and that segment is growing rapidly. You have to adjust your monthly programs to accommodate."- Stuart Norman, CEO of Parking Australia

Schedule a free consultation with Smarking to learn more about 2021 market trends and recovery strategies. Smarking supports leading asset owners, municipalities, and operators such as LaSalle Investment Management, Macerich, City of Santa Monica,

Sarah Ortega
Smarking
+1 480-307-7907
sarah@smarking.com
Visit us on social media:
Facebook
Twitter
LinkedIn

2021 Outlook & Global Parking Recovery: China, Australia, UK, and the US

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.