Self-driving cars are the future of the automobile industry. There have been tremendous changes in vehicle automation, which has led to the creation and successful testing of self-driving vehicles (D’ Allegro & Howard, 2021). These vehicles enhance efficiency in the road and convenience for the users. As such, autonomous vehicles will gain more significance in the near future as more companies strive to enhance their efficiency and reliability.
● To improve the driving experience of users.
● To enhance the comfortability of drivers.
● To increase profitability and performance of the company in both short-term and long-term.
The self-driving cars mainly target the old population. The American population is increasingly becoming old. Fundamentally, old people would require products that reduce the amount of energy they use. For example, old people cannot drive for long distances due to fatigue and other factors. Self-driving cars provide the users with the rare opportunity of relaxing while the car takes care of itself (Piper, 2020). Besides, in most self-driving cars, the users can switch to the manual-driving mode if they so wish. This will improve convenience and comfortability for the users.
There is a great market opportunity for self-driving cars. Essentially, many companies are still in the development stages of self-driving cars. For the cars that have been developed, the results are remarkable. Simply put, the manufacturers strive to improve on the weaknesses of the cars in every production (NHTSA, n.d). As such, self-driving cars are increasingly receiving a positive reception from the target customers. Precisely, the market opportunity for self-driving cars is promising, and manufacturers and sellers such as CarGurus should purpose to invest more resources in promoting the product.
Upon the successful launching of the self-driving cars, it is anticipated that the cash flow and top-line revenue will increase for the company. The potential buyers will most likely acquire the vehicles from reputable sellers such as CarGurus. As a result, an increase in sales will lead to higher profitability for the company.
The self-driving car has been in the development stage for over ten years. The manufacturers are working to improve their reliability. Given the progress that has been made, the product should be launched in the next three years.
D’ Allegro, J., & Howard, E. (2021, June 20). How Google’s self-driving car will change everything. Investopedia. https://www.investopedia.com/articles/investing/052014/how-googles-selfdriving-car-will-change-everything.asp
NHTSA. (n.d.). Automated vehicles for safety. NHTSA | National Highway Traffic Safety Administration. https://www.nhtsa.gov/technology-innovation/automated-vehicles-safety
Piper, K. (2020, February 28). It’s 2020. Where are our self-driving cars? Vox. https://www.vox.com/future-perfect/2020/2/14/21063487/self-driving-cars-autonomous-vehicles-waymo-cruise-uber
Do you need help with this assignment or any other? We got you! Place your order and leave the rest to our experts.