Self-Driving Cars and Their Impact on the Future

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When Alexander Graham Bell invented the telephone, the first thing he did was call his assistance into his lab. “Mr. Watson, come here – I want to see you,” these are believed to be the first words ever spoken over telephone. It was a monumental discovery. I am sure Graham Bell and Watson were ecstatic. But neither of them fully knew the impact of telephone and how it will change our lives. The discoverer was not fully aware of the potency of his discovery. It happens a lot.

Self-Driving-Cars-and-Their-Impact-on-the-Future

PHOTO: Wikipedia

Just like telephone, there is another life-changing invention on its way; the self-driver cars. Recently Singapore launched a self-driver taxi. Uber says they will launch their trials in Pittsburgh in December. Many automobile companies and tech companies like Google and Apple, are aiming to perfect their make of the self-driving car.

Self-driving cars unlike the telephone are surely not future changing? – Well, they are.

This invention will change the way our world works greatly. In fact the full extent is not imaginable at the moment. Experts and analysts say that self-driven cars will have huge implications on many business sectors, and there is little doubt that this transportation method change will fundamentally change our way of life.

Here are four ways in which self-driving cars will change the world:

Accidents will decrease

Self-driving cars are safer. They don’t drunk drive, they don’t over speed, they don’t violate traffic signals – they are a dream come true. When it comes to maintaining vehicle peace on roads, reducing accidents; self-driving cars will be monumental.

According to an estimate around 2030 (if self-driving cars are perfected by 2020), there will be more than 50% decrease in fatal road accidents. More than 650,000 lives could be saved every year!

Self-Driving-Cars-and-Their-Impact-on-the-Future

PHOTO: Wikipedia

Auto industry won’t remain the same

It is believed that around 75 million cars would’ve been sold globally in 2016 alone by the time the year ends. The approximate revenue produced by auto industry is $9 trillion. People like to buy cars because they feel uneasy by public transport system. One household sometimes needs multiple cars as many people have to go to work, college etc.

However a fleet of self-driven cars will take all of this away. If there is a service like Uber that runs on comfort, low-risk, low-cost and high proficiency, who would want to drive an automobile him or herself?

According to an economic estimation, in the next years, there will be at least $1.8 trillion decrease in auto mobile industry. It is safe to say that the global economy will be impacted by this.

Construction and real estate industry will undergo changes

Almost all corporate offices and buildings have a huge parking space. With the rise of self-driving cars, the need for parking spaces will go away. This changes everything, hospitals, schools, corporate offices, restaurants. Just imagine all the space these parking lots are take up, and how much more businesses can be built if they were to be built over.

Financial services will take a hit

While it is great news for consumers, it is a terrifying news for financial services that offer car loans. According to a survey, $850 billion is auto loaned in the United States alone. Self-driving cars will have none of this. They will change the dynamics of how cars are bought and sold.

Instead of buying or leasing a car, you might get a $300/month subscription to get a fleet of car at your disposal. Remember, with no drivers, a car isn’t a huge liability. There will be no traffic jams, a car can do 30 round trips a day if it has to, there will be no limitation. The ease of usage of self-driving cars won’t be much different from Netflix or checking your Facebook account.

I think we can conclusively say that a very exciting and different future is around the corner!

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