Self-driving cars are autonomous cars that do not require any human intervention to navigate the path. Their smart technology navigates through a road or path by studying the environment and assessing dangers/obstacles in the way. Although a passenger can be present in the car they need not control the car if it is in self-driving mode. Buyers must first assess the pros and cons of self-driving cars before investing in one. Being the latest improvement and update to conventional cars, self-driving cars are truly the talk of the town.
How Do Self-Driving Cars Work?
Self-driving or autonomous cars come embedded with numerous types of sensors that play a key role in navigation and configuration. These sensors assess the surroundings and with a combination of smart technology, navigate the car around hassle-free. Radars, Sonar, GPS, Lidar, and IMU all work their charm and move the car without human intervention.
To help operate the car, there are numerous advanced control systems as well, in addition to the sensors. The combination of sensors and their control systems work through the sensory data and use that information to assess the route. Since the car works on all these automatic systems, the supposed driver only has to sit back and relax.
Market Value/Costs of Self-Driving Cars?
The global market for autonomous cars is on the rise. The value is expected to grow to a whopping $809.15 billion by the end of the present year 2021. This increase is from $719.94 billion in 2020. Its compound annual growth rate is at 12.4% currently.
The prices of self-driving cars globally will probably grow to a CAGR of 63.1% between 2021 and 2030. Their prices are already higher than those of conventional cars and differ for each manufacturer. However, a big incentive to self-driving cars and other types of hybrids is governments’ low tax policy. In lieu of promoting environmentally friendly cars, governments offer cutbacks on taxes for the purchase of self-driving cars and even offers insurance for later maintenance.
Should Self-Driving Cars Be Legal?
The legality of self-driving cars has been a big debate since they first appeared. On one hand is the promise of flawless precision and perfection in driving that humans can not attain. However, there are also the dangers of relying on easily-hackable technology that may go faulty at any time.
Autonomous cars can save time by allowing users to do other tasks in the meantime as well as regulating traffic. However, the other side of perspective is, who is to blame in the event of an accident? The driver or the technology? There are countless other pros and cons of self-driving cars, which makes it hard to assess whether or not authorities should legalize them.
Pros and Cons of Self-Driving Cars
There are a number of defining pros and cons of self-driving cars that make it hard to determine the prospects of these cars in the future. Any interested party looking forward to investing in a self-driving car must look at all these before making a decision.
Benefits/Pros of Self-Driving Cars
No Accidents Due to Human Error
With the use of conventional cars, accidents are always due to some sort of human error in judgement. Humans get easily distracted, agitated by road traffic or any number of things. By relying on smart technologies of self-driving cars the sentimental factor is eliminated, which ensures better road safety.
Efficient Transportation
Self-driving cars will most likely be able to better communicate amongst themselves and navigate much more efficiently. This will lead to getting from one place to another much faster and safer. With their smart technology, they would also take a faster route and maintain a good distance from other cars.
Environmentally Friendly
Self-driving cars are more likely to run on electric motors than gasoline engines. This will have a healthy impact on the environment by reducing the carbon footprint. There will be fewer emissions due to low brakes or a lack of internal combustion engines, leading to a happy environment.
Drawbacks/Cons of Self-Driving Cars
Cyber Threats
Internet-based internal systems are very likely to be threatened by cyber attacks. Hackers can hack a running car at any time, which can lead to fatal consequences. The connective network between cars, if hacked, can lead to serious consequences.
Expensive Investment
The initial prices of self-driving cars are quite high compared to conventional cars. It can cost over $250,000 per vehicle upfront for the most basic self-driving car. Even though the costs are saved later from no fueling, it can be a big price initially.
Technical Errors
Self-driving cars are not completely risk-free; besides being prone to hacking they can face other technical issues. In the event of heavy rains, they can easily lose network controls, thus creating fatal consequences. Machine navigation is not 100% certainty and the car can make errors in judgement too.
