The overall economic benefit from a widespread adoption of autonomous vehicles could be as much as £51bn a year in the UK, according to the Institution of Mechanical Engineers (IMechE).
IMechE cited fewer accidents, improved productivity and increased trade as reasons behind this value.
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The institution said the widespread adoption could prevent 95% of accidents and save lives.
Philippa Oldham, head of transport at the IMechE, said: "Currently 95% of all crashes happen due to driver error, so it makes sense for Government, industry and academia to redouble efforts to look at how we phase out human involvement in driving vehicles."
Oldham said that there needs to be much more action from the government to help integrate driverless vehicles into the current UK transport network.
"This will include updates and standardisation to road signage and road markings to enable these driverless vehicles to operate in the safest way possible," she explained.
Oldham also highlighted the role of car dealerships and manufacturers in the process and the need to clarify regulation and insurance matters.
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By GlobalData"There is also a role for the car dealerships and vehicle manufacturers as they will need to clarify how they will provide the greater level of after-sales care, technical updates and upgrades that will be required to ensure the safe introduction of these vehicles on our roads. Much more work needs to be done to clarify regulation and insurance issues, such as where liability lies in case of an accident," Oldham said.
