What industry is being disrupted the most? The automotive business, no question. The transformation will be so dramatic that it will be unrecognizable in ten years. So, strap-in for a preview, courtesy of the Future Today Institute.
For starters, you won’t need to own a car. That’s so passe. When you need a ride, just order one on your phone. A self-driving car will pick you up – and deliver you to your destination. Just pay for your driven distance driven.
So, there’ll be no need for insurance coverage, car dealers or rental companies.
Electric cars will be the norm. It’s inevitable when you consider that a gas engine has 20,000 parts while an electric motor has 20 – and comes with a lifetime warranty. Repairs will be made by robots as your car glides through what looks like a car wash. Ten minutes later, you’ll drive out the other side with a new electric motor.
As a result, the coal industry will evaporate. Oil drilling will stop, leaving OPEC with zero leverage. Gas companies will disappear. Gas stations and car repair shops will close, replaced by electric recharging stations.
Most iconic automakers will go bankrupt. Sure, they’ll try to evolve. But it’ll be too late. Tesla, Apple and Google already have a huge head start in revolutionizing the industry.
They’re not making cars. They’re creating computers on wheels.
Here’s my take. Cities will have cleaner air. Electricity will become incredibly cheap and autonomous driving will spare a million lives each year from traffic fatalities.
So what’s the downside?
Technology will wipe out jobs that serve gas-powered vehicles. Meanwhile, millions of opportunities will emerge for those with degrees and specialized training.
Better grab your ball joints. It’s going to be a wild ride.