Growth in global car sales is expected to slow abruptly by 2030, a trend that may be accelerated by growth in autonomous vehicle fleets and other transportation services. But the data that will come from autonomous and connected vehicles have enormous potential value and could offset revenue declines from car sales and insurance.
Currently, the cars occupying today’s roads combined with smartphone use and aftermarket devices offer a wealth of data and insights. For example:
Cars automatically capture data around your driving pace, acceleration, extreme speeding and harsh braking.
Behavioral data are monitored that provide insight into level of driving confidence, length of travel, time of day you’re driving and cellphone use.
Environmental factors are also captured, including road conditions, types of roads you’re driving on and weather.
The vehicles themselves also provide a timeline of important information including vehicle history, equipment, service history and component failures.
While some car owners have telematics integrations built into their vehicle, many use aftermarket devices such as black boxes or plugin devices to provide direct links to their vehicle’s computer and provide similar data. So already, data are being collected and monitored, but the challenge is that they’re all being collected by different devices, so it’s coming to automotive companies and insurers in different forms and metrics, making it inefficient for them to use the data to improve their products, services and customer experience.