(TECHCRUNCH) Some people have postulated that autonomous ridesharing cars will never need to park and cities of the future will not need street parking, parking lots or parking garages. But parking is far from dead. In fact, the $100 billion market may be poised to grow.
We’ve heard from parking startup founders that many Silicon Valley investors have rejected parking as a thing of the past, rallying around alternatives — for example, investing more than $100 million in valet parking startups that didn’t pan out. Even these parking investments are a drop in the bucket compared to the estimated $80 billion invested in autonomous vehicles in just the past three years.
In these peoples’ minds, autonomous cars will simply whisk us off to our destination, then pick up another passenger, collect their groceries from Draeger’s, or simply spin around in circles waiting to pick them up again. “Autonomy is nigh, and the opportunities are endless, but parking is not one of them,” they ponder as they wait for their Tesla Model 3 to be delivered.