The global market for Internet of Cars is estimated to be worth US$ 38.9 million in 2015 and it is expected to grow at 32.34% CAGR to US$ 157.9 million by 2020, with the revenues for different components of the markets expected to quadruple between 2015 and 2020, in comparison with the current global revenues generated. The Internet of Cars can unlock about US$1400 in benefits each year per vehicle.
There are a slew of benefits from this – less traffic, more productivity, lesser accidents, lower insurance costs, immediate and automatic crisis notification and response, and much more. Other benefits include remote sensing between cars – Transportation would no longer be restricted to manual attention on the road, but can actually be used for productive purposes. Furthermore, transport infrastructure will benefit from an automated and well organized transport system, fuel savings, and timely reminders for servicing, taxation and pricing for vehicles. Most easily scalable benefits of connectivity desired by customers include accessing mobile applications without a jeopardizing life on the road, and tethering of mobile phone connections to the car to access internet while driving.
High and increasing demand for connected electrical vehicles for a slew of benefits will drive the connected car market globally. High cost, issues related to privacy online, security, fear of malfunction & breakdown were the top challenges expected to form the bottlenecks for this market.
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