Revenues from consumer connected car services will rise from $18.4bn in 2017 to $49.2bn in 2022

19 June, 2017

A new report from Juniper Research Consumer Connected Cars: Applications, Telematics & V2V 2017-2022 have has made few important points which are as follows:

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  • By 2022, 50% of consumer vehicles on the road will have at least one connectivity service, such as telematics, V2X (vehicle-to-everything) communications, or connected car commerce services.
  • Revenues from consumer connected car services will rise from $18.4bn in 2017 to $49.2bn in 2022, a 21.6% CAGR (compound annual growth rate).
  • Increasing industry involvement from OEMs and network operators, combined with the development of new V2X services, will be key drivers for future growth.
  • The research says automotive OEMs must prepare to capitalise on the impending opportunities of V2X services, such as smart parking and automated fuel payments.
  • North America will emerge as the leading region in this space, accounting for 39% of all end-user spend on connected car commerce platforms by 2022.
  • Stakeholder investments and public-private partnerships will be as critical to future V2I (vehicle-to-infrastructure) services as OEM involvement.
  • In-vehicle services must remain specific to the vehicle or risk being viewed as unnecessary and invasive. Lucrative services will therefore be restricted to fuel payments, smart parking and toll roads.
  • The early rollouts of infrastructure could take up to 5 years to implement, allowing stakeholders time to cultivate pertinent use cases.
  • Whilst vehicle sales will limit the take-up of vehicle-integrated commerce services, high average spend per user will offer a significant revenue opportunity to entice stakeholders.
  • Juniper predicted that total consumer spend over connected car commerce platforms will exceed $100 billion by 2022.

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