Top 5 Ways Autonomous Cars Will Impact The U.S. Economy

In today’s digital world, self-driving cars are slowly becoming as common as smartphones. That’s why the public industry leaders have mixed emotions toward this trend, however, they are also aware that there’s nothing they can do to stop this.

Whether they like it or not, autonomous vehicles are coming, and they just have to embrace the fact. The transition this change would bring would definitely be noticeable, that the whole US economy will be affected as well, and here’s how.

1. Reduction of Physical Accidents

In 2012, which was about five years ago, there were more than 30,000 fatal crashes, and these accidents lead to the deaths of more than 20,000 passengers and drivers of vehicles. Although the one that gets affected the most are the families of the deceased, it also results in productivity lost. They believe that if the occurrence of car accidents go down, then the utility of human work would increase.

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According to statistics, the US alone would save around $99 billion each year with reduced car crashes. This is based on the fact that each person spends approximately 150 hours in their vehicle annually. Aside from that, autonomous cars would also improve travel time and safety– this would be more effective with the use of smart traffic cones as well because they will be able to send and receive information in real time.

2. Saving Time and Fuel

Another way autonomous vehicles would have an impact on the US economy is that the need for parking spaces would go down. Drivers in major cities, such as Los Angeles and Miami often have to deal with stress when looking for a parking space, because it can be very tough to find one near your destination.

However, with driverless vehicles, since they are connected to a single system, it could lessen the need to look for a parking space, especially when you’re in a city to purchase car parts Honda. These cars could work together and come up with optimal parking decisions according to your destination, positioning of other vehicles, and other relevant variables. This shared information would minimize the need for energy that’s often wasted when looking for a parking space.

3. There Would Be a Rise to On-Demand Mobility

As self-driving cars enter the market, it doesn’t mean that car owners would have to give up car ownership. However, a lot would prefer the convenience and flexibility brought by driverless cars. Once this happens, owning a car would be more of a status symbol. That also means that the industries surrounding private car ownership would even go down and the demand for “on-demand” mobility would rise.

4. Say Goodbye to Constant Traffic

We all have traffic congestion– it’s a lost of time and money. Not just that, it could also also affect the environment. It doesn’t matter if the car is fueled by fossil fuels or through electricity, its efficiency would be based on a number of conditions. Basically, autonomous vehicles don’t experience the usual issues with manual cars, however, it’s also important to note that for cars to be able to adequately communicate with the road, the use of traffic equipment, such as smart traffic cones is advised.

Autonomous technology could also offer optimal behavior according to the current conditions that lead to energy consumption. As the cars work to improve its overall efficiency, others who are on the road would also benefit, because traffic congestion would be minimized.

Most traffic jams are the result of human inefficiency, and autonomous car technology is a great solution that would put an end to these human errors.

5. Car Insurance Business Would Undergo Complete Transformation

With driverless vehicles, car insurance companies would also be affected, and they’ll undergo a complete transformation. Although this may sound a little impossible or that, a lot of car manufacturers have taken full liability in case an autonomous car gets involved in an accident. A lot of insurers might take this route, instead of the driver liability.

The Future Is Bright For Self-Driving Cars

Autonomous vehicles would make a statement on the global economy, and it’s going to cause a significant shake-up. Even though there’s a lot who would greatly benefit from this, some would also experience an adverse effect. Despite that, we should know that driverless cars would undoubtedly lead to a better future– it would make everything more convenient, safer, and faster.

Author Bio:

Chris is a Digital Media Strategy Consultant in Orlando, FL who provides national brands with freelance copywriting, PPC Management Services, and SEO strategies.  Chris is also passionate emerging technologies and traffic safety issues.