To develop a company profile, and to provide category trends, COVID-19 impacts, and a competitive landscape for Wejo. The company profile will include an overview of Wejo, the key services offered, key types of customers, social presence, and market share. A media scan for the company covering the previous 12 months will also be provided. In the category trend report, macro trends for the connected car data industry will be provided along with an overview of the impact of COVID-19 on the industry. The competitive analysis will cover the top 3-5 competitors to Wejo by providing an overview for each company, their products and services, the target markets, competitive advantage, recent marketing, revenue, and social media.
Connected Car Market
- The market for connected cars is growing. Acerta estimates that connected cars generated up to 95 petabytes of data in 2019, with close to 200 sensors installed per car in 2020.
- McKinsey forecasts the connected car market to generate $750 billion in value by 2030, while Frost & Sullivan estimates that the value created from new opportunities derived from the provision of driver centric services to be £33 billion by 2025.
- By 2023, an estimated 353.9 million connected cars will be active, approximately 24% of all cars on the road. The CAGR for the connected car industry is 24.2 %.
- Estimates of connected cars on the road is expected to be heavily impacted by declines in discretionary spending. With over 90% of automotive factories in China, Europe, and North America closed, McKinsey reports that an estimated 7.5 million fewer vehicles will be on the road in 2020.
- COVID-19 impacts is expected to induce trends impacting the mobility industry related to macroeconomic developments, consumer behavior, regulatory developments, and technology readiness.
- Wejo was founded in 2014 by Richard Barlow, who is also the company CEO.
- The company is privately held and is headquartered in Tattenhall, Cheshire, UK.
- To date, Wejo has received funding amounting to $131.2 million, with the most recent funding totaling £10 million on 3 August 2020.
- Along with Otonomo, CarAlgo, Vinli, Journeyware, and Smartcar, Wejo was named on a list of six companies that are innovating in the automotive data services platforms market.
- In the initial hour of research the focus was placed on gathering data about the overall connected car market, the impact of COVID-19, a brief overview of Wejo, and a list of its competitors in the automotive data services platform market.
- Information regarding the connected car market was provided for the context in which Wejo operates. Wejo operates in the connected car data services market, which is dependent on the connected car market.
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