Driverless cars are automated cars which feature all the major competencies of traditional cars. It is expected that the driverless car will reduce fuel consumption by 10% and insurance costs by 30%, there by driving the market exponentially. A majority of the manufacturers have indicated a keen interest in developing, manufacturing and commercializing driverless cars in the coming years. The possibilities and the opportunities are limitless.
The development cost for the driverless car technology is very high, however, as technology advances the price is expected to decline. The study projects affordability and a rise in the adoption of these cars, amongst middle-class families, during 2040-2050. Volvo is one of the leading automobile manufacturers and would launch its first driverless car by year 2017.