TAM – Total Available Market
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
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
- 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
Interviews
I interviewed Samuel, a Stanford student and thereby South Bay resident who often drives to SF for casual day trips and activities,
- “It’s too expensive at parking garages or structures. If it’s too expensive to the point that I wouldn’t pay, then I would try to find another parking space.”
- “I ‘hate’ the parking people. Several times, the signage says one thing, but the parking machine says another thing. Then I get fined. These types of things occur all the time, the discrepancies.”
and Jolie, a San Francisco homeowner who owns a parking space and drives around SF somewhat frequently.
- “I would be comfortable renting my spot, but likely only on a short term basis. Less than 1 month, realistically by day or weekend (maybe week).”
- “I have concerns. Sometimes in residential areas you cannot find parking even in 10-15 min.”
These interviews revealed some key potential opportunities: price, clarity and guarantee, short term vs. long term renting, and time.
