Recently, one article about car dashboard caught my attention. I read full article. I was amused to know that car dashboard will be one of the major digital platform revenue drivers for car & communication companies and the revenues from connected car services are expected to touch around $152 billion in next 5 years i.e. by 2020.When I read the number of $152 billion, I was really taken aback by surprise! What I discovered was that the primary business of car dashboard will come from connected cars.
On an average people spend 6.5 hours a week in their cars.
So, do you know what connected car is? Most consumers are unaware of concepts of the connected car & its features and services. As per one survey, 44% of consumers have never heard of connected car. Whereas 42% have heard of them but they are not familiar with what these cars do. Only 14% car owners are aware of this concept. .
By definition, a connected car has internet access and it also allows sharing internet access to internal & external devices. By being online, it is helpful in aiding drivers about automatic notification of crashes, notification related to speed & also safety alerts. This kind of car is also part of “Internet of things. Here all gadgets are inter-connected for flawless interface and for automation purpose.
The modern day car dashboard has several functions like entertainment system, which has music, audio & video systems, Smartphone applications, navigation features, roadside support, voice commands, contextual help/offers, parking apps, engine controls & car diagnosis, 4G Wi-Fi hotspots etc. As new features are being added, some examples of contextual help/offers will be like automated text messages to spouse when traffic is bad while going home or sharing coffee discount coupons in the morning on your way to work. Or giving command to engine to switch to turbo mode or economy mode depending on traffic.
Today more and more connected and electric cars are using the latest technology of Smartphone. Market is flooded with apps which lets one access the car from any distance. Did you know that you can unlock the car, check batteries of electric car, discover the location or even remotely set off the weather control system? Most of the car manufactures and communication companies are entering the connected car market since it is having huge revenue potential.
As per survey, there will be 220,000,000 connected cars on the road in next 5 years. However it is expected that only 88,00,0000 consumers will use the services.
Autonomous cars are next big thing after connected cars. Google has already launched driver less cars & Google is planning to add 150 fully autonomous cars by this year. It is expected to manufacture 180,000 by 2020, which results into CAGR of 271%.
UK has already started testing driver less cars for safety. So, hopefully very soon, one will see such driver less ‘ghost’ cars on the road.