Revenue Generated by Connected Cars Expected to Triple by 2018
With 2018 being widely cited as the year that connected car features will be fully adopted, Telematics Update looks into the new revenue generation opportunities for sectors like telecom arising from mainstream consumer uptake of connected car content & services.
It is now predicted that the connected car market will grow by almost 500 per cent by 2018, giving an annual growth rate of 40 per cent (Mobile Network Insider). What’s more, consumers are increasingly saying that connected features would influence their next vehicle purchase. Drivers often point to Bluetooth links for phones and navigation as being most desirable, but the scope of content in vehicles is only set to grow as features improve and connectivity becomes more reliable.
This news is accompanied by predictions of rocketing revenues as sectors including mobile network operators see new income streams and opportunities for customer interaction lying in the connected car. Revenue for telecom operators alone is suggested to triple by 2018 (Infonetics Research) as 3G and 4G improve interactivity for drivers and increase chances of adoption.
In order for these projections to become a reality, it is essential that the connected car meets consumer expectations. There is still a huge issue around the consumer adoption gap as "We are spending billions to develop features and functions that aren't being used", pointed out Andrew Hart, Head of Advance Research at SBD at Telematics Detroit as often features are too complex and counter-intuitive. Instead, according to Johann Jungwirth, CEO and President of Mercedes-Benz R&D, connected cars must be “beautiful, useful, and useable.”
To decide how to develop connected content and services that are intuitive and engaging for the consumer, experts from Ford, Mercedes-Benz, Volkswagen, and more will speak at Telematics West Coast 2014 (Oct 30-31, Hilton, San Diego, CA). Key topics include personalising the in-car experience, tackling the issues of privacy and security, and integrating the car into the wider connected world.
Pandora said of the show: ‘A great opportunity to hear what is happening in such a dynamic space, and a phenomenal networking opportunity’.
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