In less than ten years, 95 percent of all cars sold will be online. The use of data from the car has great economic potential: per vehicle, mobility companies in the entire ecosystem can realise an average of up to $310 in additional revenue and $180 in potential savings annually in 2030, the consulting firm McKinsey has calculated. This potential can be tapped both through services such as software updates for the car and through cost reductions, for example through a better range of models based on real usage data. According to the McKinsey experts, the total value potential amounts to up to 400 billion dollars. The entire mobility ecosystem is involved, from car manufacturers, suppliers and service providers to insurers, infrastructure and tech companies. This is the result of a recent study by McKinsey & Company. For the analysis, 38 fields of application for vehicle data were examined.
"Seven of the ten most valuable companies in the world base their success on data-based business models," says Timo Möller, partner at the McKinsey Center for Future Mobility and co-author of the study. "In the mobility industry, however, the potential to make money with data is still too often untapped. Yet the monetisation of data is becoming increasingly important in view of declining profits from the classic car business. New entrants and companies outside the automotive sector are increasingly defining the standards by which customers also measure the car industry."
Despite the great potential, data from cars has not yet been used on a large scale. According to McKinsey, there are three main reasons for this: The still unawakened customer interest, a lack of a powerful organisational unit in the companies and a limited ecosystem for driving data so far.