Report Forecasts Huge Economic Upside for Self-Driving EVs

Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.

The 53-page report was commissioned by Securing America's Future Energy. SAFE is a Washington, D.C.-based nonprofit formed in 2005 by a group of business leaders and former military officials to help reduce America’s dependence on oil.

Most of the savings is attributed to expected reductions in crashes and congestion, which would reduce pollution and allow people to use their time more productively. The study estimates the annual economic and quality of life improvements derived from eliminating crashes caused by “gross driver error” at $118 billion and $385 billion, respectively, by 2050.

The authors assert that autonomous cars will create new jobs that eventually will offset those eliminated by such vehicles. The number of direct jobs lost, such as truck and taxi drivers, is expected to account for only about 0.1% of the workforce through 2050.

The potential for improved traffic flow with autonomous vehicles and a connected infrastructure also could drive more shoppers to retail areas, the report suggests. Automated cars also are expected to provide societal benefits by increasing availability to people who currently have limited transportation options.