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Investing.com -- The European Commission is planning to propose draft legislation this year that would grant fair access to vehicle data for insurers, leasing companies, and repair shops, according to its auto industry action plan set to be published on Wednesday, which was reported on by Reuters today.
The proposed law could resolve a long-standing dispute between car service groups, Big Tech, and automakers, all of whom are vying to monetize in-vehicle data to create new products and services. The data, which covers a range of factors including driving habits, fuel consumption, and tire wear, has been identified by analysts as a potential goldmine. They suggest the connected car market could be valued at hundreds of billions of euros by the end of the decade.
Currently, ownership of this data is not clearly defined in EU law, leading to the ongoing battle over access. If the member states back the proposed legislation, it could bring an end to this dispute. The European Commission’s action plan is expected to be published on Wednesday.
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