Road accidents are very common around the world. Despite strict regulations, accidents are on their verge to increase. According to Association for Safe International Road Travel (ASIRT), more than 3000 people die due to road accidents every day. More than 50% of the affected people are in the age limit of 15-44 years. It is the ninth leading cause of death in the world.
The technology experts at auto-manufacturing companies are looking forward to introduce the technology of connecting cars that can help in minimizing the risks to accidents. This technology will connect the cars with each other through different means and will alert the drivers about the potential dangers. Secondly, it will open up the potential market for many companies to invest in this technology and make it perfect for the users.
Connecting cars communicate with each other and share information regarding speed, location, and directions. Different wireless technologies can be used to connect the cars to each other. The data transmission rate to vehicles is nearly 100 times per 10 seconds. This helps the driver in getting alert from the risks and danger. The alert can be visual or audio. One universal device can be very useful to ensure the proper working on this technology.
It can prove as successful for the auto industry as the smart phones proved for cell phones. It will bring revolution in car technology. This will not only help in avoiding accidents, but will open ways for new businesses and communications. The driving would be much more fun for the users and the communication will increase to a next level. This will also help the government authorities in controlling the information systems. A connected vehicle car can help the companies to monitor and control any thefts. Companies will have access to stop vehicle at any place in case the car is stolen.
According to a case study by Cisco, such technology will create nearly 400,000 jobs worldwide in its beginning phase and will pay countries in terms of wealth and diminution in financial loss. Connecting even one third of the total vehicles is expected to decrease the accident damages by $100 billion annually alone in US.
Auto manufacturing companies will flourish simultaneously. Auto manufacturing companies can earn heavily through this technology. The revenue generation per vehicle will be expectedly $210 for value addition. Insurance companies will also save their money by nearly $380 per vehicle. This is due to the decrease in expected accident losses.