Autonomous cars could change car ownership model, says Glass's
01 April 2015
Author: Daniel Puddicombe
Autonomous vehicles could change the way cars are owned, according to data experts Glass's.
It is suggesting that car manufacturers will retain ownership of the vehicle throughout its life and lease it to individuals or consortiums in urban areas.
In recent years, we have seen a dramatic shift away from motorists owning cars to leasing them as younger people - the 'direct debit generation' - who prefer a pay monthly model ownership have made their presence felt in the market," said Rupert Pontin, head of valuations at Glass's.
"Autonomous cars are very likely to accelerate the evolution of this trend. The user of the vehicle could opt for a pay monthly model similar to a modern lease deal or they could be part of a buying consortium that pays to have access to one or a pool of vehicles," said Pontin.
Research commissioned by the Society of Manufacturers and Traders (SMMT) predicts that a quarter of all new cars sold by 2030 will be capable of autonomous driving.
The Connected and Autonomous Vehicles: The UK Economic Opportunity report carried out for the SMMT by KPMG goes further to predict that traffic accidents will be reduced by more than 25,000 a year with the introduction of driverless cars.
KPMG said these cars are expected to boost the UK economy by £51 billion and the rate of introduction of autonomous technology will reach 75% of all new cars sold by 2040.
The report also predicts that vehicles will be available that can be driven in autonomously on the motorway as early as 2025, while highly autonomous and fully autonomous vehicles will not be available until 2030.