Tuesday, August 16, 2016

The Hidden Economic Value of Self-Driving Cars

It's Almost Here:

Tesla Motors, along with several other well-known car manufacturers, are poised to transform the transportation industry in the coming years. Companies such as Ford and Mercedes are investing heavily into research and development projects for autonomous driving systems and vehicle design; with Ford going so far as to announce that they will have vehicles without steering wheels or breaks by the year 2021. As with any technological advancement, auto manufacturers are competing to have their hardware be the first to market, and the race between the auto giants has already begun.

There is no question that autonomous cars will be made available for purchase in the near future, but the economic and social implications of such a massive paradigm shift have yet to be measured. The roads will soon be filled with millions of new passengers, once referred to as drivers, with their hands permanently freed from their former positions at 10 and 2. As they become comfortable with our newly employed robot chauffeurs, our eyes will move away from the road and towards their connected devices -- safely and legally -- and their hands will not remain idle.

Gaining Social Acceptance:

The conversation surrounding cars that drive themselves has been their safety and reliability, though there are several immeasurable benefits that will create a massive influx of economic and social activity, unlike anything we've seen since the dot-com boom.

The main message that the auto industry is trying to convey to the general public is a message of trust and optimism. Before these cars can make their way onto our roads, the software must be flawless, and the possibility of a technologically induced fatality must be at an absolute minimum. With several years before potential release dates and the high profile competition, car companies will be spending most of their time working our any potential bugs or inefficiencies to guarantee passenger safety.

Apart from the obvious convenience, safety, and reliability autonomous vehicles will bring, they will also provide their passengers with the most valuable commodity of the 21st century; free time.

Social and Economic Impacts:

There are more articles written every day, videos uploaded to youtube, books published, TV shows produced, and video games released than any one individual could ever possibly consume. We live in a time of infinite information, with the internet giving us access to an endless sea of human knowledge and interaction. Our devices have gotten faster and faster, with new features and applications being added along the way. With apps to order groceries, Amazon Prime's 1-day delivery, voice commands, and even the humble e-mail, our most convenient technological advancements are the ones that save us time. The transition from smartphones to smart cars will take away one of our most daunting and important daily tasks, highway and inner-city driving.

A recent StatCan report claims that the average highway driver  in Canada spends nearly an hour commuting to work every day. Some drivers currently spend closer to 3 or 4 hours on the road each day, wasting nearly 20% of their waking lives behind the wheel. This means that self-driving cars will free up that time, traditionally spent with our eyes fixated on the road, and allow us to do as we please.

Some of us might choose to knit, read, or practice obscure instruments behind the 'wheel' of our new and highly advanced mode of transportation. But most will likely partake in the online global economy, staying active on social media, online shopping, or purchasing and playing new digital content. With the recent release of virtual reality headsets from companies like HTC and Oculus, many passengers will use their vehicles as digital gaming pods that let them engage fully in virtual worlds until they arrive at their destinations.

For those of us who choose to be more productive and efficient with our new found free time, we may choose to spend catch up on work projects on our way to the office in the morning. Whatever we choose to do, it will likely provide us with some solitary time in our days to destress, unwind, and partake in the digital economy at our leisure.

The self-driving car revolution will be a revolution of free time. Time, otherwise spent being cut off, honked at, and flipped the bird in a frustrating gridlock; the absence of which will likely have an immeasurable economic benefit of more pleasant moods.