Business models and cost analysis of automated valet parking and shared autonomous vehicles assisted by internet of things

With the rapid development of autonomous vehicles, it is necessary to explore new business opportunities, especially under the assistance of internet of things, which accelerate the penetration in vehicle markets. Automated valet parking and shared autonomous vehicles will be the most active cases promoted by autonomous driving. In this paper, the business models of automated valet parking and shared autonomous vehicles were proposed, further, the cost structures of autonomous vehicles under two cases were investigated from points of car users and owners. In the business models, autonomous driving packages, internet of things devices, and service provider companies are considered as new stakeholders. The cost structure of automated valet parking users changes greatly, with the development of autonomous driving packages whose cost share decreases from ~60% to ~5%. The total cost of automated valet parking users is much higher than conventional parking before 2024. Additionally, the use of shared vehicles relieves financial burden, without trouble of periodical maintenance. For station-based and free-floating car sharing, the price drop of autonomous driving package brings about huge benefits for companies. Peer-to-peer car sharing business effectively decreases financial burden of car owners such that the decrease is less than 20% starting from 2017.