Car Market Expected To Grow $ 50 Billion Within 10 Years

BANGALORE: Car market is not restricted to vehicle parts only. Technology and telecom has also entered the car market. The growth of car market will be about 50 billion dollars in a decade if automobiles collaborate with technology. Customized automobiles can magnetize the investors. 

Car market is witnessing variety of cars that ranges from driverless cars to the cars that allow the driver to use mobile phone application through instrument panel. Many of the car makers are trying to bring their car with the latest technologies builtin. As Nissan, Volkswagen, Toyota and Audi other car companies are also planning to work with foreign car firms.

Christian Jimenez, fund manager and president of Diamant Bleu Gestion, said that it’s a whole new market that is emerging now. For a long term investment it is better to buy the technology like Microsoft or Infineon rather than buying automakers like Peugeot and Renault, reports Reuters.

According to the fund managers and analysts, the technology and telecom firms are benefiting. According to an estimate of French bank Exane BNP Paribas, the car market with technologies can grow till 50 billion dollars that is almost the half of the revenue of BMW in 2013.

Out of the web search, Google has taken the charge to break the protocols of old tradition. It is possible that by the end of this year Google’s car with Android auto can be seen in the showrooms. It has voice enable software that allows the driver to navigate maps and send message while driving.

After Google, even Apple is planning to bring its CarPlay in the market with the functions of iPhone that will allow the driver to listen music, view map, messaging and make calls through the dashboard. According to British consulting firm Machina Research, only 10 percent cars are available with inbuilt technology but it can reach 90 percent by 2020.