Self-Driving Car: Imagine entering a location in your car. You can then browse the internet, read, or nap while the car drives you to your destination. The self-driving car, a science fiction concept since the invention of roads, will revolutionize how you get around.
Google’s 2009 self-driving vehicle project aimed to drive autonomously on ten continuous 100-mile routes. Alphabet bought Waymo in 2016. Google’s self-driving program became Waymo in 2016.
The first Waymo Driver autonomous car trial was open to the public. Waymo Driver’s first fully autonomous vehicles rode public roads without human intervention.
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Key Takeaways
Recently, driverless cars have gained popularity. Technology giants have embraced the idea.
Waymo was created by Google to create and market consumer-ready driverless cars worldwide.
The company, along with other auto and tech companies, expects driverless cars to transform transportation.
Roads will be safer and fossil fuels reduced. 
Basic technology in use
Advanced driver assistance systems include blind-spot detection, front-crash prevention, lane departure prevention, and rear-crash prevention. According to the Insurance Institute for Highway Safety, automatic braking and forward collision warning reduce rear-end collisions by half, while forward collision alert alone reduces them by 27%. Autobrakes greatly reduce injury-causing rear-end collisions.
Technology that allowed cars to automatically park by steering into an empty spot followed these systems. In some situations, the driver can delegate steering and speed control but retains control.
A Major Change
Businesses that fail to adapt quickly to self-driving car technology will suffer. Futurists predict automakers, suppliers, dealers, insurers, parking companies, and other car-related businesses will lose hundreds of billions or trillions. Consider the revenue lost to governments from licensing fees, taxes, tolls, and personal injury lawyers.8
If accidents are rare, who needs a heavier-gauge steel car with eight airbags? Why need a parking space if your car can drive you to work, park miles away, and pick you up? Why buy a flight from Boston or Cleveland when you can fly in the evening and sleep most of the way till morning?
Manufacturing Revolution
As autonomous vehicle makers, global new and used car sales may rise $600 billion annually. As technology becomes mainstream and sharing becomes popular, sales may drop.
Cars need steel, glass, interiors, drivetrains, and human interfaces. Even just a smartphone connection. Many things could change. Optional front-facing seats are one example. These changes, such as how car servicers and insurers secure big profits downstream, are causing automakers to focus more on services than production.
Infrastructure Transformation
Fewer cars in the US mean parking lots and spaces in one-third of cities could be repurposed.15 As more people move in, property values may fall. Longer commutes may mean greener cities or revitalized suburbs. Federal, state, and local governments may be able to redistribute some of the $203 billion spent on highways and roads if fewer cars are on the road.16
Changes in Oil Demand
If you extract, refine, and sell hydrocarbons, your business may change as product use changes.
“These vehicles should practice very efficient Eco-driving practices which are typically about 20% better then the average driver,” said Chase. Founder and former CEO of Buzzcar, a peer-to-peer car-sharing service. Former Zipcar CEO and co-founder. “Top car-sharing network. People will use their cars for things they wouldn’t if forced.”Sharing autonomous cars and charging per trip will reduce demand and vehicle miles.
Safety Dividend
Autonomous cars will be safer. Chase said autonomous vehicles won’t drive drunk, get high, or take unnecessary risks, which people do.
Professor Robert W. Peterson of Santa Clara University School of Law says, “Over 90% of all accidents today are caused driver error.” We have reason to believe that self-driving cars will reduce accident severity and frequency. So, insurance costs should drop, possibly dramatically.
Insurance Information Institute’s media relations VP is Michael Barry. He says cars can still be flooded, damaged, or stolen. This technology will transform underwriting. Many underwriting standards will change.”
Barry said it is too early to predict how self-driving cars will affect rates. He added that injured victims of self-driving car accidents may sue the manufacturer or software company responsible for the autonomous capability.
Nearer home
Self-driving cars and new ones could impact taxi and limousine services. Chase suggested sharing them for specific trips as small-scale, pay-as-you-go public transportation. Examples include taking multiple Manhattanites to the same Hamptons beach.
A 2018 study found that 7,000 driverless taxis would cost $0.29–0.63 per mile, compared to $5 taxis.New York Motor Insurance reports over 13,000 taxi licenses in the city.
Risks and hazards exist.
Regulations, privacy concerns, and other factors prevent self-driving cars from being widely available. These vehicles store driving data. Who will have access? Security is a concern. Hackers aren’t restrained or civic-minded, so they could take control of these vehicles.
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