By: Chris Giarratana
As car
technology continues to evolve, more and more people would be open to the idea
of autonomous vehicle capable of improving not only the lives of the drivers,
but the economy as well. Each and everyone would want a car that would bring us
around as we do other things.
For the
past few years, automakers are doing their best to show all the benefits that
can be enjoyed from autonomous cars-- not only can it help a person get around
easily, it could also ensure one's safety. Improved safety means that economy
would be able to benefit as well.
Wherein,
various types of autonomous vehicles would be able to safeguard human drivers
and provide assistance at the same time. For that reason, allow us to discuss
the top 5 ways autonomous cars will impact the U.S. economy.
1. Be Able to Save Time and Fuel
One of
the few ways a self-driving technology would be able to benefit the US economy
is the fact that it could actually resolve the inefficiencies related to city
parking. Those who are living in major cities, such as Los Angeles and Miami
would agree that finding a parking lot is almost impossible, mainly because the
drivers would want to be able to park as close to their destination as
possible.
Fortunately,
since autonomous cars are cleverly linked together as a single system, this
could actually resolve the issues involved with parking in large city
environments. Basically, these cars would be able to work hand in hand in order
to make efficient parking decisions according to the positioning of the vehicles,
destination, and other important variable worth considering.
With
this kind of information system of autonomous vehicles, it can lead to lesser
consumption of energy used in searching for parking spaces, which could also
help the drivers save a lot of time.
2. Improved Traffic Efficiency
The
inadequacy in traffic affects the human drivers the most-- this can often be
experienced in the form of money and time. Aside from that, these
inefficiencies could also have a bigger impact on the environment.
It doesn't
matter if a car runs with electrical energy or fossil fuels, the vehicle's
inefficiency would depend on certain conditions. Unfortunately, driving issues
will never be excellent; for that reason, a lot of vehicles suffer from
decreased performance efficiencies from the start.
With
autonomous cars, this can be fixed, and the main way that these vehicles can be
entirely built on into the public road is once they learn how to respond with
traditional traffic equipment, such as hazard cones. Future traffic safety equipment will have
beacons and other instruments to help self-driving cars navigate through city
streets and arrive to their destination safely even with roadway construction.
3. Car Insurance Business Would Experience a Complete Revamp
With
the rise of autonomous vehicles, the car insurance industry would also be
affected in a way that they would be required to undergo a complete
transformation. For one, driver liability insurance would no longer exist with
the advent of driverless vehicles.
Although
most would think that this sounds a little impossible for now, Volvo has
already declared that it would be taking full liability if one of its
autonomous cars gets involved in an accident. Likewise, having product
liability instead of a driver's responsibility is more practical, and a lot of
insurers prefer that.
You can
think of it this way; similar to kids on a hoverboard that burst into flame;
the manufacturer is the one to be blamed. Same goes with autonomous cars, in
case something goes wrong, it would be the fault of the manufacturer. That's
why having it insured is highly advised.
4. Auto Repair
With
self-driving vehicles, expect that these would come with several sensors that
would eliminate distractions and drunk driving. Which only implies that with
autonomous vehicles, repair shops would lose a big part of their business,
because crashes and collisions would be less likely to occur.
Likewise,
the need for new auto parts would also be affected, that steel manufacturer and
part producers would experience a lost in income. To support that, in 2010,
there has been around 20 million vehicles damaged due to accidents, and this
lead to an economic cost of around $70 billion in property damage-- as detailed
by the US department of transportation.
With
autonomous vehicles, there will be a loss in revenue, which would put
manufacturers in a negative light.
5. Insurance and Legal Professionals
Around
90% of car fatalities are a result of human failure. With self-driving
vehicles, there would be a tremendous reduction in the number of traffic
accidents, which would affect the insurance revenue model. Furthermore, as the
risk of traffic accidents drop down, the demand for insurance policies will
also drop down.
Aside
from that, personal injury attorneys would also witness that the request of the
services they offer will go down. For example, vehicle collisions, which has
around 35% of all civil trials in 2005 would be eliminated once the use of
automated vehicles takes place.
Although
this may look like a small amount, more than 70,000 lawyers in the US are part
of the personal injury field, and that covers around 6% of the total
population.
Overall,
with the rise of autonomous vehicles, one can expect that it would benefit the
economy. There are also some areas that would be affected-- especially the ones
that are related to the traditional driving experience. Despite that, one can't
deny that this type of technology could make driving tasks less tedious, safer,
and more economical.
--
About the Author:
Chris
is a Digital Media Strategist in Orlando, FL and provides small business owners
freelance copywriting services, PPC
management, and SEO strategy. Chris is
also passionate about startup marketing, environmental issues, and emerging
technologies.
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