Study quantifies value of data from the connected car: Page 2 of 2

January 11, 2021 //By Christoph Hammerschmidt
Study quantifies value of data from the connected car
Connected cars are data sinks and data sources at the same time. This data certainly represents an economic value for manufacturers - if it is monetised smartly.

However, the automotive industry has now understood that connectivity solutions not only bring additional sales and cost savings over the entire life cycle of the car, but can also bind the customer much more strongly to the brand, says Möller "If you do it right". If OEMs miss this business opportunity, there is huge potential here for new entrants and technology companies - so the industry must react.

Customer interest is fundamentally there: 37% of car buyers in a global McKinsey survey say they would switch brands for better connectivity - among premium brand customers, the figure is as high as 47%.

McKinsey expects 95% of all new vehicles in 2030 to have at least basic connectivity features - including reading vehicle data and integrating smartphones into the vehicle's infotainment system. Today, the share of such vehicles is still at 50%. Around half of new vehicles will include even more advanced functions in 2030. This ranges from personalisation of content for each individual passenger to a virtual chauffeur making suggestions based on artificial intelligence.

"The higher the level of connectivity, the greater the potential for revenue and savings," says Tobias Schneiderbauer, co-author of the analysis and Associate Partner at McKinsey. Basic car connectivity results in $130 to $210 in potential sales and $100 to $170 in potential savings. Advanced technologies, on the other hand, are already $400 to $610 in potential sales and $120 to $210 in potential savings. "This will be an important growth area, especially for premium manufacturers."

According to the study, three applications are particularly important for the industry, accounting for around 40-45% of the total potential:

  • Over-the-air updates: New features for the car are not only interesting for the customer, but also for manufacturers and increasingly for suppliers. They can generate additional revenue over the life cycle by activating features and new services, avoid expensive recalls in case of malfunctions and increase residual values of used vehicles. 39% of all customers are interested in the possibility to add additional services after purchase.
  • Optimisation of hardware in research and development: On the basis of vehicle data, manufacturers and suppliers could develop new models more precisely - and, for example, design components that the customer hardly uses differently in the next vehicle generation. It can also be used to optimise the number of equipment variants.
  • Predictive maintenance: Monitoring critical vehicle components can help to replace them before they fail completely, thus providing customers with an optimised customer experience. In addition, dealers and workshops can use this data to better manage their inventory, increase their utilisation and improve customer service.

More information: https://www.mckinsey.com/features/mckinsey-center-for-future-mobility/overview 

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