The ride-sharing market is projected to reach $220.5 billion by 2025 at a robust growth rate of 20%. The car-sharing market will have a similarly strong compound annual growth rate of 16.4% to reach $36 million by 2025. How should you adapt and innovate your business models to harness this disruption?
Huge untapped potential lies in applying the intelligent insights of automotive cloud technology to elevate the passenger experience, pioneer business opportunities and redefine ride-sharing and car-sharing.
The popularity of shared mobility is fueling a thriving “passenger economy"—services that enhance and monetize the experience of being a passenger in the driverless future. Mobility-as-a-Service offerings will account for $3.7 trillion, nearly 55% of this passenger economy. By providing an intuitive, hyper-individualized and seamless experience across journeys, car-sharing and ride-sharing companies can transform the in-vehicle experience into a productive and optimized one that delights passengers. For example, AI-driven personal assistants and digital cockpits can be implemented to adjust settings based on the perceived attitude of the driver that day such as vehicle temperature, radio station and music preference, seat settings and types of traffic alerts along the route.
Car sharing and ride-sharing companies have access to an abundance of customer insights that can be cross-sold and upsold as well. Service providers can collaborate with vendors to market relevant and contextual solutions in the car. For instance, a customer who enjoys listening to Beyoncé can be offered discounts for her upcoming show in the area. Also, preferred retail stores en route can send SMS promotions. Such services not only open new revenue streams but also create an engaged customer relationship too.
With the automotive cloud, ride-sharing providers can transform the vehicle into an intuitive performance machine that makes the commute connected, fun, and safe. Examples include “follow my ride" apps to sync the commute with that of a colleague, purpose-built vehicles fitted with tailored features like sound and light isolation, Advanced Driver Assistance Systems based on Augmented Reality (AR), and HD maps with real-time traffic updates and more.
Albert Jordan, Vice President and General Manager of the HARMAN Automotive Applications business unit, emphasizes, “The automotive industry is about to enter a new inflection in enabling connected services. These shifts will change the role of the car and the value we place in it. This is a defining moment in the automotive industry as we enter the next era of mobility. Automakers should seize the moment by delivering new connected experiences that delight the passenger, and which will pave the way for new revenue as a result."
HARMAN Ignite, an industry-leading automotive cloud platform, leverages deep learning, AI, and other analytic tools to provide a unified view and intelligent insights of a customer's transportation information, driving patterns and behavior. Thus, it helps automakers develop hyper-individualized in-car experiences and dramatically reduce friction to deliver third-party services.
