Connected car market worth trillions of dollars by 2020?
Connected cars are on the rise, this much is certain, but how fast the market will grow in the future is an area that is still up for discussion and one company has its own take on where the industry is headed.
By the year 2020, Business Insider Intelligence estimates that the market’s value will be $2.2 trillion thanks to the 220 million connected cars due to be be on the road by then, although connected services will only be used by consumers in 88 million of those.
Companies that are actively involved in the industry, through technology such as self-parking features and driver-assistance systems, will reap rewards totalling $152 billion in 2020 because of the 45% compound annual growth rate of vehicles on the road by then.
You can view more of BI Intelligence’s connected car forecasts in the below infographic.