Study Forecasts 35% Annual Growth Rate for Automated Parking Features

Global sales of new cars equipped with autonomous parking technologies will grow 35% per year through 2026 with revenues increasing at an annual rate of nearly 30%, predicts ABI Research.

The London-based research firm doesn't specify the current penetration rate or how large the market is for automated braking systems. But it expects the rollout to include three overlapping phases over the next decade.

In Phase 1, which has been underway for several years, an autonomous system steers the vehicle while the driver handles the throttle and brake.

In Phase 2, systems allow motorists to exit a vehicle and remotely guide it forward or backward into a tight parking space. These systems don’t have turning capabilities, ABI says. It notes that BMW and Tesla recently launched such systems.

ABI describes Phase 3 as autonomous valet parking. Vehicles will be able to find and access parking spots completely on their own without the driver having to be present. Drivers can later summon their vehicles to pick them up at the front of the parking lot.

Adoption of automated systems will increase as drivers become more familiar and comfortable with automated features, ABI says. But it notes the technology has a long way to go. Citing a recent American Automobile Assn. study, ABI points out that only 25% of respondents trust self-parking systems to replace human-controlled maneuvers. And four out of five drivers believe their own parking abilities are adequate

Automated parking features are expected to benefit from the growth of other driver-assist systems that use the same cameras and sensors, thus reducing add-on costs. ABI says carmakers also are doing a better job of educating consumers on the safety and convenience benefits of autonomous parking systems.

Adoption could spike more rapidly if insurance companies offer discounts to drivers of vehicles with automated parking systems, the researchers add.