With smart cities and technologies like artificial intelligence (AI) and machine learning (ML) increasingly contributing to our way of life, the global autonomous (semi and fully) car market is expected to reach nearly $62 billion by 2026, up from $21 billion in 2020, at a CAGR of 22.75%.
How have autonomous vehicles evolved up to this point?
Autonomous vehicles (AVs) technology is being used in a variety of vehicles around the world to meet both commercial and personal transportation needs. They rely on AI and machine learning to boost the level of intelligence used by comprehending human participation. As autonomous vehicle (AV) technology advances, high definition (HD) maps with the ability to decipher map objects and draw logical conclusions are being integrated into vehicles. HD maps extend visibility beyond the driver’s field of view, providing an accurate representation of the road ahead as well as information about the surrounding environment. The intelligence of AVs is attributed to the billions of map data points fed into the vehicles’ AI and ML systems, which allows them to make decisions while navigating. In turn, the accuracy of the map inputs is determined by the array of sensors, cameras, and radar systems. However, the AV’s ability to successfully comprehend the path and respond appropriately is dependent on the AI built into the system.
Self- Driving: The latest move by the AV industry
It’s the latest step by the AV sector to distance itself from the phrase “self-driving,” which many observers read as an acknowledgement of Tesla’s effect on public understanding of the technology.
Tesla provides a feature dubbed “Full Self-Driving,” which is a beta version of a sophisticated driver-assist system that manages parts of the car’s operations on local roads but still requires human supervision. Autonomous vehicles, on the other hand, are vehicles that may run on public highways without human intervention or supervision.
Industries that stand to gain from the EV-AV transition
It is expected that moving from level 1 to level 5 AVs would result in a significant reduction in worldwide traffic fatalities. Because the AVs will be networked and connected to traffic management systems, they will be able to plan their speed and routes accordingly, resulting in a vastly cleaner environment, less air pollution, and a significantly lower rate of accidents and road congestion. This will save many hours of commuting time, and the worth of such advances is nearly incalculable.
The whole nature of vehicle ownership may alter as well, with resources dedicated to a more “use-the-AV-service-when-you-need-it-and-pay” approach.
This strategy encourages the presence of the ride-sharing industry and the expansion of current ride-sharing firms. Furthermore, the EV engine’s fuel and maintenance savings, along with AV technology, allow for increased use, lowering transportation expenses.
Adoption of EV and AV technology poses risks and problems.
Despite the potential benefits, the fast adoption of EV and AV technologies may result in employment displacement in the transportation sector, both on the production and delivery sides. In a driverless world, fleet drivers and the driving community may face job losses.
Cybersecurity issues have generated hurdles that might stymie the expansion of the autonomous vehicle business. The hazards of tapping into technology and seizing control of the antivirus software remain. There will be opposition to complete adoption until a comprehensive cybersecurity plan is implemented to keep both automobiles and their occupants secure.
Do autonomous vehicles have a future?
The driverless cars of the future will do more than just transport people. The full automation of the delivery and shipping business will have a significant influence. This year was important in the United States because a business gained the first regulatory safety permit for an autonomous vehicle meant to carry groceries. The estimated timeline for the commercialized use of autonomous cars has been extended owing to certain setbacks in the final years of the past decade leading to speculations that level 5 autonomous vehicles might be arriving later than expected. As a result, low-speed autonomous vehicles designed for short trips will be the first autonomous vehicles to be used widely. However, despite several challenges, analysts and industry experts believe that level 5 autonomy could be closer than we thought.
