Connected Car Market
The connected car market is expanding at a five-year compound annual growth rate of 45% – 10 times faster than the overall car market. In 2020, it will be provided with internet connection hardware as it is estimated that 75% of 92 million cars will be shipped over the world. Out of the 220 million total connected cars on the road globally in 2020, consumers will activate connected services in only 88 million of these vehicles.
Connected Car Technology
Connected-car technology is now divided between the strategy that are set in the internet connection in the car and those relying on a secondary device. To operate the system, once the connections are set then it don’t require a phone’s data plan and company, as well as consumer, will gain a larger variety of data and features to access it. This will allow auto companies to collect data on cars’ performance and help to send updates and application to cars remotely, avoiding recalls related to the car’s software.
Revenue from Connected Car
The prices of Connected-car are out of reach for most car buyers, still they will drop significantly in the next few years. The fact is connected-car falls in the luxury category. Sales of connected car will equal $2.3T in 2020. The current average selling price of a connected car is much higher than the national average which will drop as carmakers connect their economy lineups. While connected car hardware and software will bring in $ 152B in 2020. Driver assistance systems, such as self-parking features, would become more common and make a lot of revenue for carmakers.
Connected Car from Consumer Point of View
Most consumers are unaware of connected car features and services. Around 44% are totally unaware and have never heard of connected car, 42% of total have heard of them but unfamiliar about how it works while only 14% consumers know about the car and are familiar with its features. But they desire entertainment and safety features such as streaming music for in-car use, surfing the internet via a monitor in a car, car identifies traffic signals, accidents, congestions, a system that allows the passenger to pause the car, front/rear end collision alarm warning, night vision device, fatigue warning device, access to social media while driving the car. Thus, development in technology helps to increase revenue, gives more facilities to consumer and also helps to develop auto industry.
9series team is exploring the technologies such as OpenCar SDK, APIs and ready to assist you in your programming needs.