Major technology companies and automakers have made significant advancements in sensors, computers and software that have helped enable more autonomous features in vehicles. Cars are now equipped with cameras, radars and lidar sensors that can detect the vehicle's surroundings. Powerful onboard computers then process vast amounts of data from these sensors to identify objects and understand the driving environment. Advances in artificial intelligence and machine learning allow the computers to continuously learn from experience. The software combines data from the sensors to navigate, steer, accelerate and brake with minimal or no human intervention. Years of on-road testing have improved the abilities of autonomous systems to handle more complex traffic scenarios.
Impacts on the Automotive Industry
The Autonomous Car of self-driving cars promises to disrupt the automotive industry. Traditional automakers are partnering with technology companies and developing their own autonomous driving divisions to stay ahead in this new landscape. There will be lower costs for transportation as vehicle ownership and the need for parking spaces decline with the rise of robotaxis and shared autonomous vehicles. Vehicle components like steering wheels and gas/brake pedals may no longer be necessary. This will require carmakers to redesign vehicle interiors and generate revenue through new business models. Manufacturers are exploring opportunities in mobility services and transportation-as-a-service that does not rely on individual car sales. The industry will have to navigate significant changes to their traditional business and revenue streams.
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