Market Size – Parking Spaces

Shared component:

TAM – Total Available Market (How many people would want/need product?…)

Drivers: Total number of licensed individuals in the US

• In 2022 there are 238.2 million licensed drivers in the US

Hosters: Total number of parking spaces in the US

• Parking spaces take up ⅓ of area in major city
• There are estimated 8 parking spaces per car in the US
  • There are 289.5 million cars in the US
  • 289.5 million / 8 = 36,187,500 parking spaces

SAM – Served Available Market (How many people need or can use product?…)

Background info: 

• Top cities by population density (in millions of people)
  • NYC (8.6 million), SF (0.8), Boston (0.6), Chicago (2.7), Philadelphia (1.5), Miami (0.4) 

Drivers: Total number of licensed individuals hanging in/around major US cities

• Total number of licensed individuals in the US * (number of people + visitors in major US cities / number of people in the US)
  • 30% all US licensed drivers are either in or visit US Major cities
  • 90million licensed people that would be likely to use our app to visit major cities 
  • Number of licensed individuals (in millions of people) for most densely populated cities:
    • NYC (3.6), SF (0.3), Boston (0.2), Chicago (1.1), Philadelphia (0.6), Miami (0.1)
• On average, 40k people visit San Francisco per day
• On average, 700k people visit New York per day (tourists, out-of-town, etc.)

Hosters: Total number of residential parking spaces in major US cities

• Major cities
  • People who are driving in major cities – residents, commuters, event goers, day trippers, vacationers, etc.
  • People who own houses with driveways / other parking spots in major cities
• 70% of houses have at least a single driveway

SOM – Serviceable Obtainable Market (Where you begin – should be comfortable reaching these people)

• San Francisco outskirts – Sunset, Richmond, Pac Heights, Marina, Presidio, NoPa, Mission, Noe Valley, Bernal Heights
  • Sunset: 16k + 17k + 21k
  • Richmond: 17k + 24k + 17k
  • Pac Heights: 19k + 12k
  • Marina: 13k
  • NoPa: 11k
  • Mission: 11k + 11k + 60k
  • Noe Valley: 15k
  • Bernal Heights: 25k
  • Hayes Valley: 14k
• Frequent visitors to SF: students, families in the Bay Area
• Let’s take the proportion of the SF outskirts we want over SF, and then multiply this proportion to what we have in SAM that sounds good proportion population-wise?

Individual interviews:

I conducted interviews with Isabelle, a current resident in SF renting a room in a Pac Heights condo, and Derrick, a frequent visitor to SF

1. “I don’t have a parking spot, but in order to get one you have to actually register with the DMV – it’s $165 a year but it’s such a hassle to get things done at the DMV” (Isabelle)
2. “I would not be extremely comfortable actually because so many sketchy people, have to background check them. There’s an inherent amount of trust that goes into the sharing type marketplaces” (Isabelle)
3. “I bring my car to the city because once I get there, I can’t Uber everywhere–it costs money” (Derrick)
4. “Some neighborhoods have good parking availability, but neighborhoods near shops and restaurants are harder to find spots” (Derrick)
5. “Concerns: signage, sometimes the signs are confusing to follow; always worried about how safe it is where I’m parking” (Derrick)