2026.3.19
A Growth Model Born from Social Issues – Park24's Value Creation and Investment Perspective
This month, we will dive into Park24 Co., Ltd. (4666), focusing on its corporate profile and Cadira's engagement activities.
A Business Model That Has Evolved from Social Challenges
Park24 is Japan's largest operator of parking and car-sharing services under the "Times" brand. Its origins date back to 1971, when the company was founded with the aim of addressing illegal parking as an urban problem. Founder Kiyoshi Nishikawa identified the worsening traffic congestion and on-street parking caused by the growing number of vehicle owners, and started the business by selling no-parking signs and parking equipment.
In 1991, the company entered the coin-operated parking business and established a new usage model based on time-based parking fees, thereby creating social value through the more effective use of urban space. It further launched a car-sharing business in 2009, which has since grown into a second core pillar accounting for approximately 30% of total company revenue. With an overwhelming domestic market share of around 80%, the company has evolved from a parking lot operator into an infrastructure company responsible for improving urban mobility efficiency.
Achieving Resource Efficiency Through Car-Sharing
The car-sharing service operates unmanned from Times parking facilities and offers the convenience of rentals in 15-minute increments. While the service is also characterized by its ability to deploy at high density in urban areas while keeping fixed costs low, its fundamental value goes beyond mere convenience. A single shared car is said to replace the demand for multiple privately owned vehicles, and the company estimates that one shared car can cover the mobility needs of up to 16 private cars. This represents a model that structurally reduces the resource inputs and energy consumption associated with vehicle manufacturing, and can be characterized as a circular business that "provides value without increasing the number of things." The structural significance lies in its ability to simultaneously address urban challenges such as low vehicle utilization, inefficient use of parking space, and the financial burden of vehicle ownership.
Quantifying and Implementing Environmental Value
Based on the substitution effect of car-sharing, the company has calculated an annual greenhouse gas reduction of approximately 260,000 tonnes*1. This figure is significant relative to the company's own operational emissions of approximately 510,000 tonnes*1, demonstrating that the business itself embodies environmental value. Electrification of the vehicle fleet is also progressing rapidly, with the share of electric vehicles rising from 13.8% in 2020 to 58.2% in 2024*1, far exceeding Japan's overall EV penetration rate of 20.8%*2. As a result of the increase in the electric vehicle ratio, CO₂ emissions per kilometre driven were reduced by approximately 17% between 2020 and 2024. For corporate clients, the company also provides a service that visualises emissions associated with usage and has built a foundation that supports customers' environmental management efforts.
Growth Potential Driven by Technological Advancement
Advances in autonomous driving and advanced driver-assistance systems (ADAS) have the potential to further expand the growth opportunities for car-sharing. As driving-assist functions become more sophisticated and operation becomes easier, greater uptake is expected among those who have previously felt uneasy about driving, which could unlock latent demand.
The widespread adoption of safe driving support systems is also expected to lead to a reduction in accident rates, contributing to improved profitability through lower repair costs and insurance premiums. Furthermore, as autonomous driving technology advances and vehicle utilization rates and turnover improve, gains in per-vehicle revenue and asset efficiency can also be anticipated.
The company operates a model in which vehicles are replaced approximately every four years, allowing it to quickly incorporate new technologies into its services. It is well positioned to benefit from technological innovation in the automotive industry, in terms of both enhanced user experience and the resulting expansion in business performance.
Business Resilience Demonstrated by Financial Recovery
During the COVID-19 pandemic, business performance deteriorated due to the halt in people's movement, and the equity ratio temporarily fell to as low as 5.1%. However, as the pandemic subsided, performance recovered sharply, and the equity ratio has since rebounded to 27.7%. As cost structure reviews were also carried out during the recovery process, operating profit for the fiscal year ending October 2025 reached ¥37.5 billion, substantially exceeding the pre-pandemic peak of ¥22.5 billion. Going forward, key areas of focus include a fundamental overhaul of the underperforming overseas operations and price revisions in the car-sharing business, with multiple levers available for margin improvement.
Strengthening the Value Creation Story Through Engagement
Cadira has maintained ongoing dialogue with Park24, proposing clearer articulation of social value and stronger communication to investors. We believe there remains considerable room to raise market awareness of the value of car-sharing as a business that simultaneously achieves resource efficiency, emissions reduction, and optimization of urban space.
In early 2024, when Cadira visited the company to discuss sustainability, the company offered a positive response, noting that "the logic underpinning the value creation story based on the group's philosophy and other elements has become more firmly established." We view the company's subsequent proactive efforts to quantify environmental impact as consistent with the direction of that dialogue and assess this development positively.
Conclusion
At Cadira, we regard Park24 as a company that directly confronts the social challenges arising from the use of automobiles. We will continue to pay close attention to the company's potential to grow through the effective utilisation of urban space, the improvement of resource efficiency, and the development of new transportation infrastructure.
*1 Integrated Report, pp. 26–27 https://ssl4.eir-parts.net/doc/4666/ir_material_for_fiscal_ym23/182782/00.pdf
*2 Japan Automobile Appraisal Institute Foundation https://www.airia.or.jp/publish/statistics/hoyuudaisuusuii07.pdf https://www.airia.or.jp/publish/file/HVEV_2025.pdf
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