Connected cars are driving us into the future, quite literally! Here’s a nugget of wisdom for you—while some see these vehicles merely as Siri on wheels, they actually represent an untapped goldmine of data. In a world where the phrase « my car is smarter than me » is becoming less of a joke and more of a reality, it’s time for industries to buckle up and embrace the incredible possibilities of this digital revolution.
Connected cars: the data treasure trove
The world of connected cars is not just about cruising in style while singing along to your favorite tunes. It is a revolution, brimming with opportunities! By 2030, more than 90% of vehicles sold will be connected, up from 50% today. Imagine all the data being shared, from your car to the mighty cloud! This data goldmine is ready for major players like OEMs, suppliers, and tech companies to dive into and fish out boundless opportunities. To learn more about the immense potential, check out this McKinsey insight.
Monetizing connected vehicle data
While most businesses see connected cars as a bundle of convenience for consumers, the enormous potential for data monetization remains untapped. As we waltz into the future, this data can generate incremental recurring revenue of up to $310 per vehicle per year, with profit margins 150% higher than simply selling new units. Just like your grandma’s secret cookie recipe, the secret sauce here is subscription-driven services that offer benefits, making drivers loyal as ever. Take a peek at the McKinsey report here for more insights!
Consumer preferences and trust
Let’s face it – no one likes to feel like they’re being watched, especially by their beloved automobile. Drivers expect their personal data to remain private unless permission slips are signed. Research indicates that a large number of drivers are willing to share their data as long as they see tangible benefits in return. This phenomenon is much like being offered a donut in exchange for parting with a top secret, except with an extra shot of data privacy. Keep a lookout for emerging trends in the connected car industry from Innovanews.
