It’s no longer a question of if but when self-driving cars will hit the road. In fact, vehicles with advanced driver assistance systems will start to become available to consumers as soon as mid-2015 or early 2016. By 2020, a quarter of a billion cars on our roads will be connected, according Gartner.
The cost of self-driving cars isn’t often discussed, but a recent report by the Boston Consulting Group offers some great insights. It turns out the hardware in self-driving cars is more affordable than you might think. For example, urban and autopilot will cost you about $5,500. If you want a car that parks itself, get ready to add an extra $2,000. Full autonomy will add about $10,000 to a car’s price tag.
The above diagram, from the Boston Consulting Group report, points out the different technologies being used. As you’ll see, some like cameras, radars, and ultrasonic sensors are relatively cheap.
According to the group’s research, consumers want autonomous features and are ready to pay extra for them. An extensive survey of more than 1,500 U.S. consumers who had recently bought a car or intended to buy one soon revealed that more than 50 percent of respondents would be willing to pay extra for each feature individually or for all features together in a fully autonomous vehicle.