Globally, the number of on-road vehicles that were available in the year 2022 was close to 1.5 billion. Out of these, Asia recorded almost one-third of the share, recording close to 550 million vehicles on-road. Europe and North America followed the rank, taking the second and third place respectively with about 400 million and 350 million vehicles on road respectively. On the other hand, the United States Center for Disease Control and Prevention (CDC), globally 1.35 million were killed each year on roadways, while 3700 people were killed every day worldwide as a result of crashes from cars, buses, motorcycles, bicycles, pedestrians, or trucks (see Figure 1).
A self-driving car (also called an autonomous car or driverless car) uses artificial intelligence (AI), IoT devices, and supporting software to cover distances without much human supervision. This futuristic-sounding automotive may be able to drive itself to any pre-determined location, but it still requires the presence of a human being ready to take control. A truly autonomous car with a mind of its own, able to decide on the destination and the route, and exercise caution within the lanes, will be a commonplace occurrence in the coming decades.
A recent survey conducted by Research Nester revealed that over 55% of global respondents were okay with riding in a fully self-driving vehicle. The numbers were higher in emerging markets such as China, India, and the United Arab Emirates, and the least in countries like Japan and Germany. The Society of Automotive Engineers (SAE) has identified 6 levels of automation in driving which have been accepted by the U.S. Department of Transportation as ranging from Level 0 (fully manual) to Level 5 (fully autonomous). Here they are –
Despite of the several obstacles associated with self-driving cars, governments and businesses are collaborating to develop transportation infrastructure that integrates artificial intelligence in automotive and self-driving technology. Self-driving pilot initiatives are being launched in many places such as Singapore, Sweden, South Korea, and the US to build confidence in both the public and private sectors regarding the efficacy of this new technology. On the other hand, several initiatives are being planned and implemented across nations globally, which provides a major outlook to the adoption of these autonomous vehicles in the future. Here is a glimpse of some of the initiatives taken worldwide on adoption of self-driving cars and its vehicle safety:
The future of self-driving cars by the end of 2035 is definitely going to give vehicle OEMs as well as other manufacturers associated with these technologies, several opportunities for growth. With end number of research and innovation that has gone into self-driving technology over the years, the smart mobility solution has a long way to go. Rising participation from regulatory bodies, industry associations, and the governmental support, all are expected to help vehicle OEMs of self-driving cars touch new heights. Moreover, vehicle OEMs are also shifting their focus from passenger segment to commercial segment, which is also expected to generate several investment opportunities for business organizations. For instance, the Government of the United Kingdom has recently announced that in association with industries, it has funded close to USD 98 Million to commercial self-driving passenger and freight services providers (see Figure 3). All in all, the transition for conventional vehicle manufacturers to manufacture autonomous vehicles is not much challenging. Despite the growing competition in the field, OEMs can still catch up to their competitors by creating a bold strategy and executing it at the earliest, without further missing out on any other opportunities.