Self-parking/autonomous parking to grow in 3 phases

selfparkingfordResearch shows that cars will eventually entirely park themselves in the final phase of three phases of self-parking with each state displacing the former over the next ten years.

ABI Research forecasts shipments of new cars featuring autonomous parking technologies to grow at 35% CAGR between 2016 and 2026 and for revenues to likewise show growth at 29.5% CAGR.

  1. In Phase 1, the car will provide steering assistance with the driver still inside the vehicle and in control.
  2. Phase 2 shows autonomous parking with the driver outside the vehicle but still in control.
  3. Phase 3 introduces autonomous valet parking in which the driver leaves the vehicle at the entrance of a car park. The car then parks itself and waits for the driver to summon it when it’s time to leave.

Phase 2 technologies exist in the January 2016 launch of the Tesla OTA Summon auto park feature, as well as BMW’s recent launch of Remote Control Parking on flagship 7 Series in certain regions. While current Phase 2 technologies are limited in ability, as current car systems can only move the car forward and backward at a distance of a few meters and cannot turn the car, it is an important step forward in that it successfully parks the car with the driver removed.

The American Automobile Association (AAA) recently published survey that showed 25% of respondents would trust a self-parking system to replace them in the parking maneuver.

“Passive assistance from ultrasonic sensors and exterior cameras are becoming standard features in most new car models in developed regions,” says James Hodgson, Research Analyst at ABI Research. “As more manufacturers turn toward more autonomous parking solutions, OEMs continue to heavily push for consumer education on the systems’ safety benefits and added convenience, to convince them of the value of the concept.”

Becaus of empirical evidence demonstrating the superiority of autonomous parking, cars fitted with such technologies may yield lower insurance premiums, as the market experienced with other ADASs, such as autonomous emergency braking noted Hodgson.

As the market moves toward the new future of driverless vehicles, parking will remain an important function, but the evolution could bring about big change,” concludes Hodgson.

These findings are part of ABI Research’s Automotive Safety and Autonomous Driving Service which includes research reports, market data, insights, and competitive assessments.