Automated cars could save up to 300,000 lives per decade in the United States itself as per reported by ‘The Atlantic’. The report is based on the research paper by consulting firm McKinsey & Co which elaborate how self driving cars will help to reduce the accidents caused by human error by midcentury.
The car crashes which happened today had an enormous impact on the US economy with every person killed in a motor-vehicle accident, 8 were hospitalized and 100 were treated and released from emergency rooms. Therefore, the overall annual cost of roadway crashes to the US economy was $212 billion in 2012 and with ADAS (Advanced Driver Assistance Systems) and AVs (Automated Vehicles), accidents were expected to reduce by up to 90 percent and could potentially saved up to $190 billion.
McKinsey also reported that Automated Vehicles (AVs) could free as much as 50 minutes a day for users who would be able to spend travelling time working, relaxing or accessing entertainment. The report added that the time saved by commuters every day might add up globally to a mind-blowing one billion hours. On top of that it could also create a large pool of value which potentially generating global digital-media revenues of £5 billion per year for every additional minute people spend on the mobile internet while in a car.
With automated vehicle, parking would become much easier and it could potentially reduce the need for parking space in United States up to 5.7 billion square meters. Additionally, it also changes the entire insurance model which initially is based on human error to focus mainly on insuring car manufacturers from liabilities from technical failure of their Automated Vehicle (AVs). With all this said, it might just lower your monthly insurance payment too.