If you’ve been paying attention to what is happening in the automobile industry lately, you’ve seen some amazing things being invented while other advanced technologies are expected in the near future.
Tesla’s recently unveiled their Model 3, and their product has been largely pre-ordered more than any other auto in history. Within days of the launch, approximately 400,000 individuals put down $1,000 for an electric car they will get in 2018. Other than the $400 million Tesla received, this order book is worth more than 15 billion dollars.
And there is more. Three technology trends have been congregating in auto transportation given the human carnage and giant emissions created by conventional automobiles:
- Tesla is demonstrating that EV can be a superior automotive product when it comes to safety, performance, convenience, and comfort.
- Ridesharing and on-demand services got rid of billions of car miles to their provision, making the case that ownership isn’t so necessary and it’s perhaps a negative part of the automobile experience.
- Autonomous driving has been captivating most people’s imagination on how it fundamentally addresses safety and provides an excellent level of convenience. This includes the life-changing benefits to certain groups like the disabled.
These major technological themes accelerated within the past decade, including how they are showing more effects on each other. This convergence has led to dozens of startups. Traditional car makers have been deploying a lot of resources in space, and now Apple, Uber, Google, and Tesla – the most dynamic and successful technology organizations in the world – have lined up take the driving seat of the new frontier.
Battery technology is a primary requirement of what is required to drive the EV adoption further. The issue here is to lower the cost of batteries since performance is already sufficient for most applications. The cost of getting a kilowatt of lithium-ion storage dropped in 2008 from $1,000 to about $200 today. Numerous advanced technologies are also promising to lower the cost to $100 or less in the near future. This scale-up of the battery capacity globally will need large investments, probably in tens of billions of dollars, and that’s just the beginning. The race for the future plants remains open, and this is an exciting and highly dynamic area of investment that will eventually promote Power Utility Safety.
Automation is probably the most science-fiction-like and captivating development. Today, self-driving cars are a reality. The task now is how to handle the roll out regarding infrastructure and regulation. The unavoidable co-existence of self-driving vehicles, at least initially, with human-operated ones will definitely pose quandaries.
Other than being less prone to accidents, self-driving vehicles let you picture transportation without the related carnage on roads all over the globe. Over 1 million individuals lost their lives in vehicle crashes last year across the globe. An implausible improvement to economic productivity as well as leisure can be foreseen. Millions of commuting hours are becoming available and can be used for other purposes.
Finally, the most significant win for the technological shifts has been the positive environmental impact. Sustainable transportation, supported and enabled by the renewable electricity infrastructure deployment will make a remarkable dent in carbon emissions worldwide.
According to news released by Bloomberg New Energy Finance, about three hundred billion dollars was invested in solar and wind power plants. This investment makes renewable infrastructure a large capital expenditure all over the world. A similar step will soon be adopted in the transportation industry with the need to get better batteries.
Most companies are embracing the opportunities that come with large-scale change. Other firms that won’t fully embrace the powerful forces will likely be challenged to navigate through a world where their battle is more and more uphill.