Automotive

(BPT) – Whether you’re looking for a home, a car, a television or a new jacket, the way we shop has changed drastically over the last five years. While these changes can be tied to competition, technology, a global marketplace and other factors, there’…

(BPT) – Meteorologists are predicting a wet and cold winter for much of the U.S. According to a new survey by Michelin, 3 in 4 Americans say they’re nervous driving in winter weather. Are you ready?

(BPT) – The hardships of navigating winter roads aren’t made any easier when facing a flat tire. In fact, for many Americans, fixing a flat remains a mystery. According to a survey from AAA, nearly 20 percent of U.S. drivers don’t know how to change a …

(BPT) – During the holidays, the family road trip takes on a whole new meaning because in many cases it includes everyone – even your pet. And while your pet is certainly on your mind as you pack for the journey, they may not be part of your considerat…

(BPT) – As the seasons transition, motorists undoubtedly have many things on their minds from work to the impending holiday season. All the while, the temperature continues to cool – and one thing often left unconsidered is the impact of changing weath…

(BPT) – A hundred years ago, few thought that the clunky automobile that broke down so often would ever replace a horse. In the 1970s, people wondered if the personal computer that a few eccentrics were using would have any use beyond storing recipes. It’s safe to say that these innovations, along with many of the technologies we now use daily, were once considered impossible dreams.

Right now, the most-talked-about piece of technological innovation that is poised to transform our lives is the autonomous or self-driving car. As self-driving cars gain widespread adoption, analysts are predicting the rise of what is known as the passenger economy – a term coined by Intel – that is expected to be worth $7 trillion by 2050 as validated in a new report by analyst firm Strategy Analytics.

Seven trillion dollars is a lot of money! A decade ago, people couldn’t fully imagine the way smartphones would give rise to the app economy. Today we are at the threshold of something equally momentous – that’s why entrepreneurs and investors are now beginning to imagine the economic possibilities tied in with autonomous cars.

The following are five big areas of opportunity that will unfold in the passenger economy era.

1. Time will be on people’s side. One of the most obvious benefits of a self-driving car is the amount of time it frees up. Drivers become passengers, and so will be able to concentrate on other tasks. Not only will people be able to work or watch a movie on their way to work, but the commute itself will be shorter, since traffic congestion will become a thing of the past. With smarter analytics, it’s estimated that by 2050, the widespread use of autonomous cars will free up over 250 million hours of commute time per year in the most congested cities.
2. Apps were only the beginning. As more people use autonomous cars, companies and entrepreneurs will respond by developing innovative applications that will entertain and provide services to passengers. Just like innovators used smartphones to unlock the sharing economy, there will be opportunities for startups to discover new ‘car-veniences’ that will be expected to generate some $200 billion in revenue.
3. A new world of advertising. From the late ’90s, we started seeing new forms of advertising emerge on the web. With self-driving cars, we are poised to see powerful new opportunities that deliver personalized messages to consumers. For instance, algorithms can compute routes and route history to hone in on passengers with specific onboard advertisements from surrounding businesses or attractions. This could be a huge boost to local businesses and will be much more effective than the primitive billboard.
4. Mobility-as-a-service. Imagine ordering take-out, or having your groceries or a package of diapers come to your door via a driverless car. This is something that we’re likely to see fairly soon. Shipping and freight companies, local delivery services and internet giants will make use of autonomous vehicles to transport goods across the country. These types of services will likely generate $3 trillion in revenues by 2050.
5. New business models. Today, many companies offer perks such as work-from-home days or the option for people to leave the office to work in a cafe or wherever is most suitable for them. In the not-too-distant future, the workplace will further transform as the commute evolves. The self-driving car will blend with the office, turning the commute into a productive part of the workday. In turn, this will allow people to go home earlier and spend more time with their families.

The advent of the passenger economy will contribute to a safer and more efficient world. Those who can imagine and anticipate the coming changes will be in the best position to get the most out of it.

(BPT) – Have you noticed that traffic seems to be worse lately? There’s a good reason for that – there are more vehicles on the road than at any time in recent history. Unemployment is low and gas is affordable, which means more people are driving more…

(BPT) – Michelin’s Vision concept tire of the future was selected as a Best Invention of 2017. Introduced earlier this year, the Vision concept features an innovative combination of four technologies: airless, organic, rechargeable and connected. Howev…

(BPT) – Once a newly licensed teen gets behind the wheel for the first time without a parent or guardian, the taste of freedom is exhilarating.But a teenager’s lack of behind-the-wheel experience puts them at greater risk of getting into an accident. A…

(BPT) – As the transportation industry continues to grow and baby boomers continue to retire, the need for trained diesel mechanics and truck drivers has never been greater. Job openings span the U.S., and many sit open while businesses feel the stress…