Revolutionizing Parking: The Latest in Automotive Intelligence Park Assist Systems
According to Allied Market Research, the global automotive intelligence park assist system market is expected to reach $38.93 billion by 2030, growing at a CAGR of 24.9% from 2021 to 2030. The growing proliferation of big data, AI, robotics, and the Internet of Things (IoT) are the prime reasons behind the market growth. The recent product launches by major market players have opened new opportunities and offered innovative features in passenger cars.
For instance, General Motors announced Ultra Cruise to allow hands-free driving in more than 90% of all driving scenarios. Ultra Cruise is a novel, in-house-developed driver-assistance technology developed by GM which can be used in the U.S. and Canada and it will be offered in the company’s premium offerings. The technology is powered by 5 nanometers, scalable compute architecture via Ultifi software program and Vehicle Intelligence Platform. The technology supports several functions such as reacting to permanent traffic control devices, supporting automatic and on-demand lane changes, following speed limits, and supporting parking in residential driveways. Moreover, Ultra Cruise is expected to cover over 2 million miles of roads and is expected to grow up to 3.4 million miles. Customers can use the system on city streets, paved rural roads and highways, and subdivision streets.
A French company, Parkki has leveraged LiDAR technology for intelligent parking assistance at the shops. If AI technology, smart sensors, and tap-and-go payment solutions are integrated into automotive, they can help parking management smarter, easier, and quicker. Difficulties in navigating in parking lots are still a major concern for drivers and it is a universal problem. On the other hand, Parkki uses LiDAR sensors to check for available parking spaces and offer the information to the driver through digital signage and mobile parking applications. This way, the technology eliminates the driver’s stress of searching for parking spots in malls and retail shops, making the experience of parking vehicles smarter.
Such advent of novel solutions offers drivers ease in navigating across cities with less hassle and enables them to perform day-to-day activities in a smart way.
Future of automotive intelligence park assist systems
Car parks take a huge amount of space in metro cities and it is expected the world’s majority of the population will live in an urban environment by 2050. This means the metro cities need colossal space just for parking vehicles. Instead of building multi-story car parks, companies are more focused on developing technology that parks the vehicle closer to each other using park assists systems.
Over the last few years, several automotive companies have invested a great deal of resources in developing intelligence park assist systems. Studies show that on average, around 30% of cars in the American downtowns are circulating on roads by people who are looking for a parking spot. Instead of blindly looking for a parking space, automotive can guide drivers leveraging the smart sensors installed in the vehicles. Moreover, the smart application can register the location of a vehicle, which is helpful in parking places in malls and retail shops. The advancements in big data can further improve the park assist systems, analyzing where and when people park their cars. This will help government authorities to develop sophisticated parking policies and introduce the concept of dynamic parking where parking fees change according to the rise and fall of demand.
The future of intelligence park assist systems is solely dependant on technological advancements. The future of transportation lies with driverless cars and electric cars. Thus, the automotive intelligence park assist systems are bound to become a vital part of the automotive of the future.
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