THE RISE OF AUTONOMOUS VEHICLES: OPPORTUNITIES AND CHALLENGES FOR MOTOR

In recent years, the automotive industry has seen a dramatic transformation with the rise of both electric and autonomous vehicles. With the emergence of Tesla, a giant in the autonomous automotive market, they and the many other car brands that are now adapting more and more are paving the way for a future where driving is no longer limited to human control.

While we are not yet at a stage of fully self-driving cars dominating the streets, what we are seeing is a shift in the way automotive companies are adapting, from the car brands themselves, through to motor trade entrepreneurs, be this vehicle repair business, car valets or any other business that has the care, custody, and control of a customers vehicle. In this blog, we will dive into the world of autonomous vehicles and explore how motor trade businesses and entrepreneurs can capitalise on the opportunities this shift presents. We will also explore the challenges that motor trade entrepreneurs face and the areas they can focus on to overcome these challenges and compete in a competitive market.

Understanding the Autonomous Vehicle Revolution

The concept of autonomous vehicles was once a state of science fiction, sometimes depicted in futuristic movies, however, in 2023 this is becoming more and more a reality. Often referred to as self-driving or driverless cars, the rise of brands most notably Tesla, has represented the biggest shift in transportation we have probably ever seen.

As mentioned whilst we haven’t yet reached the stage of full automation, it is evident to see that this is the way things are progressing. The Society of Automotive Engineers (SAE) marks out 5 levels of autonomy that help to depict where we are in this shift and where things are soon to end up. This goes from Level 1 providing driver assistance, most notably seen in features such as cruise control; to level 2 where we are seeing most cars now, this presents a stage of partial automation including vehicles controlling both steering and acceleration, just the human must still remain in control and vigilant.

Whilst the likes of Tesla are at stage 2, the capability of manufacturers has gone well beyond this. With Tesla and rival brands create testing products up to level 4, where the vehicle performs all tasks under specific circumstances. Whilst this is still a time away from dominating the world roads, we are without a doubt closer than we have ever been.

Opportunities for Motor Trade Entrepreneurs

As the automotive revolution gains momentum, a new world of possibilities has emerged for motor trade entrepreneurs. With self-driving cars edging closer to becoming a reality, traditional motor trade businesses; including car garages and others; find or will find themselves seeking ways to evolve to keep up with the changing landscape.

Adoption of Autonomous Fleets by businesses

The adoption of autonomous vehicles is no longer a distant vision, but becoming more a reality. As businesses seek to become more environmentally friendly, with many working towards net zero, companies across many industries are recognising the vast benefits of incorporating autonomous vehicles into their business fleets. Presenting significant opportunities to motor trade entrepreneurs.

The first of these opportunities is fleet maintenance and management opportunity, both in and out of fleets the increased number of autonomous vehicles on the roads leads to increased demand for specialised maintenance and repair services. Motor trade entrepreneurs have an early opportunity to invest in relevant training and certifications in order to position themselves as leaders in this space, this will mean both now and more so in the future they will be able to reap huge benefits from this.

Customisation and Personalisation Opportunities

As autonomous vehicles continue to develop further, we are edging closer and closer to a level 5 stage of autonomy; whilst this may be 10-20 years experts predict this timeline to be around the year 2035. However whilst this may seem far away to some, to those looking to adapt and stay ahead should think of ways to tackle this opportunity head-on. One area to focus on is capitalising on the opportunities around customisation and personalisation, transforming a mere commute into a personalised journey.

With this, it opens up a new stream of businesses in the motor trade industry, from interior design to tech companies, motor trade entrepreneurs can tap into new areas that enhance customers driving experience, be this through the layout of their vehicle to suit their needs through to new forms of in-car entertainment. Whilst this is not something to develop overnight, motor trade entrepreneurs should be asking themselves these questions so that when the time comes they are ready to tap into a brand-new market.

Challenges Confronting Motor Trade Businesses and Entrepreneurs

With the opportunities brought about by the rise of autonomous vehicles so to do a paramount of challenges that motor trade entrepreneurs need to be aware of in order to most effectively tackle the opportunities presented and succeed in doing so.

Technological and Skill Upgradation

Most notably with a shift in the way vehicles operate, motor trade entrepreneurs must see a shift in their technological understanding and a skill updation within the motor trade industry. As self-dring cars incorporate advanced sensors, AI systems, and complex technology, motor trade businesses should equip themselves with the knowledge and expertise needed to embrace this change, both now and in the future. As a result companies and senior managers and directors should ensure comprehensive training and education is given to their workforce, from technicians to mechanics and other personnel this training is crucial in order to upskill workforces to gain a solid understanding of new systems and software.

Insurance for Autonomous Vehicles

As autonomous vehicles reshape the way motor trade entrepreneurs operate, we are also bound to see changes in the regulations, and notably insurance motor trade businesses may require to protect themselves from unforeseen incidents. Most notably what we are seeing in the form of motor trade insurance, will no doubt develop to incorporate different elements that cover the risks posed by autonomous vehicles, from different liability models detecting who and what was at fault, to specialised cover for autonomous fleets. In the next 10-15-20 years, it’s important for motor trade entrepreneurs to stay up to date with changes in insurance in this space so they can ensure they stay ahead of anything that may challenge them in the future.

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