Smart technology in cars could save $6.2 billion dollars a year.

Smart technology is everywhere. Smart TVs, smart homes, smartphones, smart cars, everything seems to be getting a “smart” upgrade. A new study from the Stevens Institute of Technology takes a deeper look at how smart technology in cars could save drivers money while helping the environment.

The team used the data from energy and safety literature to analyze the cost and benefits of automation technology in cars. The data was broken down into three categories. The first category was warning systems. This included lane departures, blind spots, forward collisions, speed limit and surrounding traffic. The second category was control systems. This included adaptive cruise control, collision braking, active braking and cooperative adaptive cruise control. The final category was information systems. The information systems included parking aid and dynamic route guidance.

The study found that smart technology could save drivers $6.2 billion per year.

"That's not insignificant," said Yeganeh Hayeri, an assistant professor at Stevens whose work lies at the intersection of civil and environmental engineering and public policy. "That translates to between $60 and $266 in the pocket of car owners every year, not to mention additional savings created for each driver due to more smoothly-flowing traffic, fewer accidents and aerodynamic efficiency of all other vehicles on the road.”

Drivers could use smart technology to reduce the fuel consumption of each car by 27 to 119 gallons per year. This is a 6% to 23% reduction in average fuel consumption per year.

"Knowing when and where congestion will build can help drivers avoid the stress of sitting in traffic," said Hayeri. "What we did is put a number of fuel-saving costs that come with technologies that assist us with making smarter choices on the road. We hope to use this information for improving future transportation, and consequentially improve the environment, save lives and keep the air we breathe cleaner."

The paper on this study was published in Transportation Research Record.