Some insurers have tailored insurance rates to driving styles, for instance, and certain cities use sensory data to identify potholes. Given connectivity’s increasing importance, OEMs that fail to meet the bar risk losing customers.Ī few stakeholders have already acknowledged the importance of data and begun to take action. Similarly, 39 percent of consumers were interested in unlocking additional digital features after purchasing a vehicle-a figure that rises to 47 percent for customers of premium OEMs. In some countries, the percentage of consumers willing to switch brands for improved connectivity was even higher (56 percent in China, for instance). The potential for monetizing connected-car dataĬonsumers see tremendous value in connectivity, with McKinsey’s 2020 consumer survey on autonomous driving, connectivity, electrification, and shared mobility (ACES) demonstrating that 37 percent of respondents would switch car brands to achieve improvements in this area. To help mobility companies that want to pursue opportunities in this area, we assessed the potential market value of data-based services, investigated promising use cases, and identified levers that they can apply to improve their chances of success. The automotive landscape may now be more amenable to using data from connected cars. Players in traditional industries are increasingly following the same path and transitioning from hardware to software-as-a-service (SaaS) and subscription businesses. These businesses include both new attackers and tech companies. In fact, seven of the ten most valuable companies in the world already generate billions in profits from data-based services. To date, however, most players have overlooked opportunities to monetize data from these vehicles-a significant oversight, considering how companies in other industries are aggressively generating value from data. Connected cars provide a unique customer experience while simultaneously delivering cost and revenue benefits to mobility companies, including OEMs, suppliers, dealers, insurers, fleets, tech players, and beyond.
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