THE car of the future is here. And it is powered by the internet.
The days of cars with cigarette lighters and cassette players are a distant memory, with the latest automotive essential being an internet connection.
Indeed, the value of the ‘smart’ car market – currently worth €25 billion – is about to skyrocket.
With the industry predicted to grow by 25% a year over the next six years, PwC estimates that it will be worth €145 billion by 2022.
“The increase in connectivity holds real opportunity and risk. While the overall connected mobility market is growing rapidly, the mix is shifting, with a decline in the navigation and entertainment systems which have been the mainstay for manufacturers, coupled with the spread of connectivity further into the more price sensitive mass market,” said PwC automotive partner Rich Parkin.
“In the short- to medium-term, suppliers of technology and mobility and digital services are the ones set to profit most from the budding connected car market.”
‘Smart’ car technology includes up-to-date sat navs as well as driverless car technology including self-parking vehicles.
Leading the way in Spain is Seat, who just last month announced that they will be unveiling a new line of ‘connected cars’ in 2017.