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Autonomous Vehicles Pose Growing Concern Over Collisions

| March 25, 2019

As a result of the staggering number of accidents, the automotive aftermarket industry has also become a major marketplace

The global vehicle count reached its highest ever point in 2016, as the total stood at 1.32 billion cars and trucks combined. Year-over-year, the total vehicle count grew by 4.6% and has nearly doubled in volume compared to 20 years ago. However, with the rising number of vehicles, the number of accidents has also drastically increased.

The National Highway Traffic Safety Administration (NHTSA), the Centers for Disease Control and Prevention (CDC), and the Federal Motor Carrier Safety Administration (FMCSA) have all compiled extensive research and statistics regarding U.S. accidents. Annually, the economic cost of car accidents in the U.S. is estimated to amount to approximately USD 242 Billion. The staggering number can be a result of car owners looking to repair or even purchase a brand-new vehicle as a result of an accident. The alarming number has also prompted automotive manufacturers to begin conceptualizing autonomous vehicle models as national governments believe the rapid production of autonomous vehicles will help reduce the number of car accidents by eliminating human error. According to data compiled by Mckinsey, the global automotive industry is expected to records profits within the region of USD 28.31 Billion to 89.49 Billion by 2020. SinglePoint Inc. (OTC: SING), Ford Motor Company (NYSE: F), Kandi Technologies Group, Inc. (NASDAQ: KNDI), Horizon Global Corporation (NYSE: HZN), ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO)

As a result of the staggering number of accidents, the automotive aftermarket industry has also become a major marketplace. The automotive aftermarket sector is a secondary market of the overall automotive industry that deals with manufacturing, distributing, and repairing vehicle parts. Specifically, parts are categorized into sectors such as tires, batteries, brake parts, filters, body parts, lighting, electronic components, and more. The market is mainly growing due to the increasing vehicle sales, however, the rising number of accidents is also helping drive the market growth. According to data by Grand View Research, the global automotive aftermarket is expected to reach USD 486.36 Billion by 2025, while also registering a CAGR of 4.2%. The industry is being driven by the rising prevalence of electric, hybrid, and autonomous vehicles. “Dramatic changes are ahead for the automotive aftermarket. These include changing customer expectations, accelerated adoption of new technologies, and shifts in competitive power,” said Mckinsey partners Bernd Heid, Christian Huth, Sebastian Kempf, and Geng Wu, “The advent of new technologies and the market shifts that accompany them are compelling aftermarket players

Category: AUTONOMOUS, Connected Fleet News, Featured, General Update, News, Safety

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