Advantages of Autonomous Vehicles

Autonomous driving systems offer many benefits to consumers, including higher levels of safety, ease of parking, merging, and fuel.

FREMONT, CA: Revenue from autonomous driving could reach USD 300 billion to USD 400 billion by 2035. According to new research, drivers must adjust to the fast-changing passenger car market to succeed. The mobility community is still widely in agreement on the potential of autonomous driving (AD) to transform transportation, consumer behavior, and society as a whole, despite some setbacks that have delayed the launch of autonomous vehicles (AV) and delayed customer adoption.

According to McKinsey research, AD could generate hundreds of billions of dollars in value for the auto industry by the end of this decade. Auto original manufacturers (OEM) may require developing new sales and business strategies, acquiring new technological capabilities, and addressing safety concerns to benefit from autonomous driving on a consumer and commercial level.

Autonomous driving has substantial potential to benefit drivers, the auto industry, and society.

Mobility: Adaptive driving systems may make driving safer, easier, and more enjoyable. AV might increase worker productivity and even shorten the workday for commuters. Autonomous cars enable workers to perform their jobs farther from the office, attracting more people to rural areas and suburbs. Assisted driving may enhance elderly drivers' mobility by providing options beyond public transportation and car sharing.

Expanding industry: AD technology reduces the number of car accidents and collisions, reducing consumers' need for roadside assistance and repairs. Consumers' adoption of AD may put pressure on those types of businesses. The handover of control of vehicles to autonomous driving systems could also mean that individual drivers would not be responsible for car accidents, reducing insurance premiums. Business-to-business insurance models for autonomous vehicles can emerge.

Insurance: With autonomous technology, these companies are gaining insights into driving behavior and making personalized offers to their customers. Auto companies have a considerable advantage over external insurance providers since OEM players control AD systems, their performance, and their data, such as real-time driving data.