Financial and Economic Impacts of Autonomous Vehicles in Azerbaijan

Abstract

Implementation of autonomous vehicles could change the finance and economics of the companies. Autonomous vehicles can operate around the clock, without the need for breaks or rest periods, which can increase efficiency and productivity. There could be no fatigue or tiredness for autonomous vehicles. This can lead to cost savings and increased revenue for companies that use autonomous vehicles. Autonomous vehicles can also help reduce labour costs, as they do not require a human operator. Autonomous vehicles are one of the main players in the market. For this reason, they are significant in Azerbaijan too. Autonomous vehicles could 92% safer in case of human error. If autonomous vehicles could be implemented in Azerbaijan by the year of 2030 number of accidents could be 87. Autonomous vehicles could save from 13.3% to 26.7% of fuel. If I compare 2021 fuel costs to 2021 AV fuel costs, it will give us a difference of 301283 USD. Autonomous vehicles could also save 80-90% labour costs. With the implementation of the autonomous vehicles the labour costs could decrease from 1038 AZN to 156 AZN in 2017. Those numbers could decrease from 1451 AZN to 218 AZN in 2021. Overall, autonomous vehicles could increase safety and impact the economy positively in Azerbaijan and worldwide. Autonomous vehicles could have a positive effect on the economy of Azerbaijan