What Does the Future Hold for Autonomous Cars?
July 12, 2021 (Investorideas.com Newswire) The advances in vehicle automation technology have increased the demand for self-driving cars worldwide, contributing to the industry's growth rate.
The autonomous car market was expected to grow from $719.9 billion in 2020 to $809.1 billion in 2021, with an annual compounded growth rate of 12.4%. The anticipated growth is due to the resuming of business operations while adapting to the new way of doing things.
Autonomous vehicles operate without human intervention and rely on sensors and complex algorithms. The different sensors built into the car collects the data of its environment, and this way, it creates and stores maps in its software.
How are autonomous cars impacting the industry?
The major players in the autonomous vehicle industry are Tesla, BMW Group, Ford, General Motors, Nissan, Toyota, Volkswagen, Volvo, and Waymo. It is predicted that by 2027, the autonomous vehicle market would surpass $65.3 billion.
The technology behind self-driving cars is improving every year, and major car manufacturers have realized the benefit of following in the footsteps of companies like Tesla.
In China, AutoX has launched its first driverless robotaxis on public roads. They have improved the software and technology to a point where they can remove the safety driver-leaving the car to drive on its own, with no human intervention ultimately.
How does it affect commuters?
There seem to be many more benefits to autonomous cars besides the fact that the stress of driving is taken away. Other advantages are the increase in productivity, fewer traffic congestions, and fewer vehicle accidents.
However, Tesla's been making headlines lately with their autopilot feature linked to a fatal car accident. This being the cause of the company's stock price falling by almost 8%.
Therefore, these failures in safety technology paint an uncertain future for the autonomous vehicle market for investors and the general public. Tesla's stocks seem to be just as sensitive and have been on a steady decline.
In addition, the Covid-19 pandemic is still a threat with new virus strains popping up across the world, therefore commuting, whether in a robotaxi or self-driven car, might still be far in the future as businesses close and reopen due to lockdown protocols changing.
How are investors impacted?
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