This year, the majority of car makers have come to the same conclusion - selling conventional cars is no longer an opportunity. What really in demand today is the mobility with all the customer services, connectivity and accessibility, and advanced functions such as power management for electric cars.
Business Insider states the connected cars market is growing 10 times as fast as the rest of the car market and is expected to grow 45% annually in the following 5 years. However, by 2020, out of estimated 220 million smart cars on the road throughout the world, only 88 million of them will have connected services activated. In 2015, prices for such cars are still on top, but they are expected to significantly drop in the next few years. Today, the selling price of $55,000 per e-car is justified by the tendency of the connected cars market leaning toward the luxury category.
A study held by PWC suggests that international sales of smart cars and related products will increase by nearly 4 times in the next 5 years contributing over $149 billion in revenues in a passenger car niche.
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For a closer look and better understanding of connected cars market development it makes sense to divide the IoT technologies into 6 categories.
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