Home Strategy Connected vehicle growth on the road to US$49 billion in 2022: Juniper

Connected vehicle growth on the road to US$49 billion in 2022: Juniper

Connected vehicle growth on the road to US$49 billion in 2022: Juniper Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Revenues from consumer-connected vehicles will rise from US$18.4 billion this year to US$49.2 billion in 2022, as massive global growth in connectivity services continues, according to a new report.

Juniper Research’s latest report on the worldwide connected vehicle market reveals that, 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.

And according to Juniper, 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 found that automotive OEMs must prepare to capitalise on the impending opportunities of V2X services, such as smart parking and automated fuel payments – and 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.

It is also argued that stakeholder investments and public-private partnerships will be as critical to future V2I (vehicle-to-infrastructure) services as OEM involvement.

Additionally, the report found that in-vehicle services must remain specific to the vehicle or risk being viewed as unnecessary and invasive, with lucrative services restricted to fuel payments, smart parking and toll roads.

But, the report highlighted that early rollouts of infrastructure could take up to five years to implement, allowing stakeholders time to cultivate pertinent use cases.

While vehicle sales will limit the take-up of vehicle-integrated commerce services, the Juniper research found that high average spend per user will offer a significant revenue opportunity to entice stakeholders.

Juniper has predicted that total consumer spend over connected car commerce platforms will exceed $100 billion by 2022.

“OEMs will begin competing on the level of convenience that their in-vehicle services offer,” says research author Sam Barker. “Soon, level of service will be more important to drivers than vehicle performance itself.”

To access the Juniper whitepaper — What Vehicle-to-Vehicle will Actually Mean for OEMs — click here.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

 

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