The Internet of Things (IoT) is one of the hottest technologies in the market and its impact on every industry is dramatic, including the automobile sector.
The Internet of Things is not a concept; it is a network, the true technology-enabled Network of all networks.”
The Internet of Things (IoT), in conjunction with artificial intelligence (AI) and machine learning (ML)
, is changing every industry at a pace faster than expected, including the automobile sector. With more than 70 million units produced in a year, the automobile industry is one of the most prominent manufacturing sectors
globally, and IoT is its new hotspot for a wide range of multi-purpose applications.
Today, the use of IoT in the automotive industry is on the rise at both commercial and industrial levels. As a result, numerous IoT applications have shaped the future of the automobile industry.
Before we get into the top IoT applications for the automobile industry, let’s take a quick look at some fascinating stats.
The market value of IoT in the automotive industry was USD 47.10 billion in 2020. (Source: verifiedmarketresearch.com)
By 2028, the market value of IoT in the automotive industry is predicted to reach USD 289.36 billion. (Source: verifiedmarketresearch.com)
Connected features are a part of 59% of vehicle and equipment purchases. (Source: lemonyblog.com)
Role of IoT in the Automotive Industry
With the IoT in the automotive industry, manufacturers, drivers, and technicians get great benefits in previously unimaginable ways. IoT enables them to generate information about their vehicle’s physical health, air temperature, engine work-hours, and more with only a few clicks.
The following are the significant benefits of IoT in the automobile industry:
Increased car production
Reduced risks and financial losses
Enhanced quality of services, products, and business operations
Enhanced safety and working environment
Top IoT Technologies That are Shaping the Future of the Automobile Industry
The future of the automobile industry is brighter for many reasons, and embracing IoT technologies is one of the most significant of them. By properly using the latest technologies in the automobile industry, like IoT, auto manufacturers can add an advanced layer to the conventional car concept and ultimately transform traditional vehicles into smart ones.
The following are the most disruptive IoT technologies prevalent in every aspect of the automobile industry, like manufacturing
, supply chain, sales, marketing, customer experience, and more.
Navigation and road condition analysis
IoT-powered in-car infotainment
Drive monitoring technology
Firmware Over the Air (FOTA)
Is the Auto Industry Ready for the Internet of Vehicles (IoV)?
The Internet of Vehicles refers to the network of wearable, smart automobile sensors, smartphones, roadside units, and connected cars. It depends on the three types of connections:
If implemented to its full potential, IoV has the power to change the entire concept of the current urban environment. However, as far as the current status of the Internet of Vehicles is considered, we are just in the initial phase of IoV software development.
The automobile sector accepts IoV applications like advanced data analytics/processing, smart city solutions, and IoT wearables. However, several other industries need to follow the same trends to bring IoV into reality. Yes, the challenges are many; but if the right initiatives and budgeting are available, the auto industry can overcome them and offer a safer future with the Internet of Vehicles.
Top IoT Use Cases for the Automotive Industry
The use of IoT in the automotive industry leads to advanced and innovative solutions for all. Today, several normal cars are equipped with numerous automobile apps, automobile sensors, devices, and systems that function through the internet. All these connections together form a network of IoT. Here is the list of the top three use cases for IoT in the automotive industry.
Real-Time In-Vehicle Telematics
Vehicle telematics enables vehicle behavior analysis, location tracking, vehicle movement analysis, and much more. IoT and telematics devices
together provide real-time information about driver health, car health, and emergency responders.
With telematics in your car, you also get insights on vehicle collision notifications, detailed navigation, car operation details, and information on third-party speed limit controls.
IoT-powered predicted maintenance identifies the potential risks of car malfunctions, transfers this data over the cloud devices, and alerts the drivers or users. It allows users to identify malfunctioning auto parts before they break down.
Moreover, it accurately predicts the possible repairs a car needs and evaluates the remaining useful life of various vehicle parts. As a result, car manufactures are investing heavily in this feature as it increases safety and lowers operations costs.
Autonomous vehicles mean fully independent vehicles. Such cars are one of the most significant features of IoT in the automotive industry. Many automobile giants like Audi, Tesla, BMW, Mercedes-Benz, and Cadillac are taking charge of developing fully autonomous cars that can function without human intervention as they have some startling benefits, as follows (the data is provided by lemonyblog.com):
Increased customer savings by 50%
Improved fuel economy by 10%
Reduced traffic deaths by 90%
Reduced travel time by 40%
Reduced harmful gas emissions by 60%
Even though a fully autonomous vehicle is a thing of the future, several semi-autonomous vehicles are available in the market that can partially assist users with lane changing, parking, braking, driving, and more.
With the IoT, we’re headed to a world where things aren’t liable to break catastrophically – or at least we’ll have a hell of a heads’ up. We’re headed to a world where our doors unlock when they sense us nearby.”
Frequently Asked Questions
What are advanced driver-assistance systems (ADAS)?
ADAS refers to the various types of safety systems active in the vehicle. These systems alert the driver of potential risks on the road to ensure their safety. They offer a comfortable and safe driving experience through accurate analysis of the surroundings via LIDAR-based in-vehicle systems, vision, and radar.
What are the most popular IoT-powered telematics solutions available in the market?
Here are the three most popular IoT-powered telematics solutions available in the market:
● Hardwired telematics devices that are mechanically fitted into cars
● Automobile telematics apps for vehicle tracking
● Plug-and-play OBD port II telematics devices to retrieve data about mileage, engine, and emission
What are the basic elements of IoT in the automotive industry?
The following are the essential elements of IoT in the automotive industry:
Central control hardware