I believe that one major technological innovation on the horizon is being able to sell much cheaper and more practical hybrid and electric cars. I think this will involve some sort of business model innovation in the future. Right now, hybrid and electric cars are being sold more and more not only because they are more efficient and cleaner in some respects, but also because they are becoming more popular and attractive to consumers. Originally hybrid and electric cars were not as practical in the sense that they could not travel as far or didn’t attract customers, while also being overly expensive compared to many average priced non-luxury cars. It seemed to be smarter to purchase a standard Toyota Camry that got decent gas mileage than a much more expensive hybrid or electric model. These days the green cars are becoming more popular because of all the product innovations, there are many more brands that offer green models, along with companies like Tesla producing a cooler more luxurious electric car and even high-performance supercars.
The problem is that it is still cheaper to buy the standard Toyota Camry and the green cars just haven’t been able to compete with that. I think that the products and technology are good enough for now, but there needs to be, and will be soon, an innovation in the business model or process that will make it possible to sell a non-luxurious electric car at a price that can compete with a car like a Toyota Camry.
I think this will have positive consequences for society. Not only will more people be able to afford this better technology, but it will also force other automotive companies to participate by creating even more models of competitively priced electric cars. The impacts would be extremely beneficial to the issue of climate change and would continue to push for renewable energy. As for life changes I think it would be similar. We could spend the same amount on cars, and just fill them up at charging stations instead of gas stations.