Autonomous vehicles industry is going to be big, not soon, but by the year 2050, one can expect the industry to explode to the tunes of a whopping $7 trillion.
According to a recent survey done by Strategy Analytics for Intel, Autonomous vehicles will most likely be the single greatest opportunity for the creation of value and wealth during the 21st Century, with the self-driving vehicles industry growing on to become a $7 trillion industry by 2050 making it one of the single largest industry, globally.
Considering companies like Uber, Lyft and Google’s Waymo are already much ahead in the driverless cars race with Waymo even claiming to have completed over 3 million miles already, the $7 trillion figure isn’t that hard to digest. The race has in fact become so intense that the players have already started clinging in each other claws to get ahead. Earlier this year, Uber was sued for allegedly stealing proprietary information regarding self-driving cars from Alphabet’s Waymo. In addition to these aforementioned big players, there are many other firms like Nutonomy, Skymind, Torc Robotics, Mentor and Lvl5 who all want a piece of what is expected to be one of the most disruptive innovations of the last two centuries.
Autonomous vehicles aren’t like any another invention. They’re the need of the future. As of today, Automobile manufacturing industry employs over 50 million people and produces nearly a whopping 100 million vehicles each year. It is almost large enough to represent the equivalent of the world’s sixth largest economy. However, these huge numbers are still not capable of catering to the needs of a population nearing the 10 billion people mark. Hence, there’s needs to be a change in vehicle infrastructure we have today and autonomous vehicles can be that change. In addition to adding more driving years to the elderly, autonomous vehicles can also make a positive difference in pollution and climate change caused by vehicles. Their efficiency in terms of their ability to communicate with each other and infrastructure can eliminate traffic congestion and the need for street lights.
Not only will the acceptance of autonomous vehicles change the way we travel, but it will also have a massive impact on the way we live. According to experts, once we start relying on autonomous vehicles and become mentally strong enough to give them charge of our driving seat, while we enjoy the ride on a passenger seat, it is possibly going to be a watershed moment for AI’s acceptance.
The study done for Intel is in sync with an earlier one done by Boston Consulting Group where it predicted that the global autonomous cars market will be worth a whopping $42 billion by 2025 and a jaw-dropping $77 billion by 2035. According to it, a quarter of all cars sold could be autonomous vehicles by then.
Unfortunately though, India won’t be a major part of these figures as the Indian government for now isn’t open to driverless cars as according to them, it will result in loss of jobs, something which goes against their ideology. Instead, they are more into promoting the trend of electric cars. Recently, India’s power minister Piyush Goyal announced that the government is aiming to have an all electric-car fleet on Indian roads by the year 2030.