The public is not ready for self-driving cars (GOOG, GOOGL)

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Self-driving cars will arrive in force sooner or later, but are we ready for them?

Not according to a University of Michigan survey, which revealed that just 15% of U.S. consumers would prefer to ride in a car that drove itself under any circumstances. Approximately two-thirds of the 618 respondents said they were either moderately or severely concerned about the safety of riding in fully autonomous vehicles.

Nearly half (46%) of the respondents preferred a car with no self-driving functions at all, while 39% would be okay with a car that can drive itself under certain circumstances. An example of the latter is Tesla's Autopilot program that lets cars drive themselves on the highway.

One of the biggest challenges for these types of vehicles is their efficiency in alerting the driver when he or she needs to take over the wheel. The survey revealed that 59% of the respondents preferred a combination of noise, vibration, and visual notifications to do so.

And only 5% of the respondents wanted to ride in a fully autonomous car with no steering wheel or pedals. This should raise a flag for Google, Uber, and other companies that are interested in creating fully autonomous cars that can ferry people around for ride-hailing services.

Uber, in particular, could significantly slash prices for passengers if it could eliminate the cost of hiring human drivers. But it might take the public at large several years before they trust these types of vehicles enough to actually ride in them.

John Greenough, senior research analyst for BI Intelligence, has compiled a detailed report on self-driving cars that examines the major strides automakers and tech companies have made to overcome the barriers currently preventing fully autonomous cars from hitting the market. Further, the report examines global survey results showing where fully autonomous cars are highly desired.

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Here are some key takeaways from the report:

• Three barriers have been preventing fully autonomous cars from hitting the road: 1) high technological component prices; 2) varying degrees of consumer trust in the technology; and 3) relatively nonexistent regulations. However, in the past six months, there have been many advances in overcoming these barriers.
• Technology has been improving as new market entrants find innovative ways to expand on existing fully autonomous car technology. As a result, the price of the components required for fully autonomous cars has been dropping.
• Consumer trust in fully autonomous vehicle technology has increased in the past two years.
• California became the first US state to propose regulations. California's regulations stipulate that a fully autonomous car must have a driver behind the wheel at all times, discouraging Google's and Uber's idea of a driverless taxi system.

In full, the report:

• Examines consumer trust in fully autonomous vehicles
• Identifies technological advancements that have been made in the industry
• Analyzes the cost of fully autonomous technology and identifies how cost is being reduced
• Explains the current regulations surrounding fully autonomous cars

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The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the emerging world of self-driving cars.