Driverless Cars: Are There Opportunities for Entrepreneurs?

The future is now. Several companies are testing their robotic car prototypes, with technology in this industry growing at a rapid pace. The quick-thinking entrepreneur can quickly join this developing market if they find the right niche.

Car insurance

Traditional car insurance can be found easily. You can click here to find a broker and receive a quote in seconds. Your years of driving experience influences your monthly premium, the more experienced you are, the less of a risk you are on the road. Insurance companies will need to overhaul their insurance products with automated car-specific insurance.

The possible scenario: one family owns one car. The vehicle drops dad at work, then takes the kids to school while mom is still at home. Who will be liable for driving if there is an accident with no driver? Human errors are the cause of most car accidents. When we take human error out of the equation by driverless cars, could it be profitable for insurance companies when there are fewer claims?

Artificial Intelligence

People will be spending a lot of time in cars, but they won’t be driving. They will need to get through the commute with work and entertainment. The market is open for entrepreneurs to develop AI systems that interact with the passengers’ lives. The car can have a personality that picks up on the emotions and needs of the passenger: the perfect song, a movie, or a favorite coffee pit-stop on the way to work. The AI system can integrate with the AI system at home and knows it needs a stop at the grocers for toilet paper and milk.

New technology

Small engineering businesses have the perfect opportunity to develop the technology to bring self-driving cars to life. Light detection and range technology (LIDAR) needs development into affordable options for mass production. The need for software and apps for users of these cars offers a new space for technological development for the entrepreneur with a futuristic vision.

Diverse vehicles

Everyone wants something different in a car. Some need a big family car to get the kids to school and to do the shopping. Others a luxury car for the wealthy businessman or a rainbow unicorn car for the toddler. Here is a perfect opportunity for creatives and design companies to join forces with car manufacturers. It’s the ideal time for innovative thinkers and creatives to find a balance between individuality and a car that the masses can afford.

Deliveries

We can expect delivery costs to go much lower with driverless vehicles since you don’t have to pay a driver by the hour. The local family-owned shop can branch out into the e-commerce world as shipping costs would be much more affordable. A restaurant that makes food deliveries can cover more ground with a driverless vehicle. They can offer their customers more convenience when their food arrives, a few customizations, and you have a vending machine on wheels.

Rental services

Imagine you need to rent a car, rather than going to pick the car up it can be delivered straight to your door. When you’re finished with it, the service goes to the next customer from wherever you are. Cutting out the middleman.

Furthermore, the opportunity for rental services for goods such as tools for that DIY project, or a massive sound system for your birthday party are only a few ideas for services on wheels. Entrepreneurs who think outside the box can find themselves in a lucrative position if they set a new trend before the rest hops on the bus.

Hotel on wheels

Sleeping in comfort while your car drives you to your next destination is the perfect road trip. You have your hotel room, tour guide, and rental car, all in one affordable solution. Your car knows the best-rated restaurants and favorite places to visit but can change the plans whenever you want.

If you are used to driving on the other side of the road, having the car drive for you takes away that holiday stress. Hotel owners that can provide this all-in-one holiday solution will be at the forefront of creating a new tourist market.

Home services

Driving to your customers can use a lot of energy, and traveling costs are high. The doctor, the hairdresser, and the tattoo artist can customize their self-driving vehicles to suit their unique needs.

Visiting your customer at home opens up a new market and client base for your service. You don’t have to compete with similar businesses in your surrounding area, because you are increasing the region of your customers. As a bonus, you will save on paying rent to a landlord if your services are mobile.

Shaping the future

The future of cars is changing every minute, with tests already taking place in individual states. The entrepreneur with a futuristic vision of the world with driverless cars will see the countless opportunities in and around this market. Stay in the driving seat and seize the opportunity.

BIZCATALYST 360°
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