In this blog, we will try to explore application of IoT in automotive industry. The increasing demand of IoT today is making the future of automotive industry stay ahead in their research and developments. This blog highlights the importance of IoT adoption in automobile industry with its opportunities in reference to various fields such as services and applications.
The global IoT in automotive market was worth USD 47.4 billion in 2020 and is further projected to reach USD 227.7 billion by 2027, growing at 25.2% Compound Annual Growth Rate by 2027.The automobile market is developing an inclination towards IoT features such as updating real-time traffic and incident alerts helping people respond to critical situations smartly. High-speed mobile networks will initiate growth of IoT in the forecast period and responsiveness in vehicular communication. The key players, dominating the IoT industry in the adoption of automobile, are the core companies prominent in software and hardware giving tough competitions with more advanced technological solutions in the same industry by emerging startups. Along with this, the competitive strategies, such as mergers, partnerships, acquisitions, joint ventures are also prominent in this market which is acting as a fuel to the increasing growth of IoT in automotive industry.
Key Areas of IOT in Automobile Industry
The key IoT use cases in automotive industry are in fleet management as it monitors real-time location, tracking of cargo volume that the fleet is carrying and performance statistics like fuel and mileage of the truck. Tracking traffic conditions on road for security, communication, safety, and navigation using telematics. Route Management benefits by saving on fuel costs by taking the shortest possible routes. Time and driver management aids while automatic driving in scenarios like heavy traffic on parking areas, or in highways.
- Predictive Maintenance System: Automobiles are equipped with multitude of sensors in various components of a car. These sensors will be collecting various onboard data onto on-premises databases or to the cloud. These data is processed using techniques such as machine learning algorithms for predicting future outcomes based on the component’s current performance.
- Autonomous Vehicles
Vehicles with self-driving capability are increasing in the market and Tesla is a pioneer associated with this. In autonomous/self-driving vehicles, the driver will be letting go off the active control of the vehicle to the autopilot feature. Autopilot feature will be capable of controlling all aspects of driving: including deciding the driving speed, lane changing, braking etc without human intervention.
- In-Vehicle infotainment Services
In-vehicle infotainment systems, supported by IOT, provide services like navigation, hands-free calling, voice assistance, music streaming, etc. In-car services are options to generate revenue and incentivise developers to innovations. Latest innovations in connected cars with smart features includes location-based services, fuel prompting when current fuel is down, 4G Wi-Fi hotspots, mobile hotspots for passengers, stolen vehicle tracking and User-Based Insurance.
- Connected cars.
Integrated IoT sensors in the automobiles helps to connect cars and supports vehicle-to-vehicle (V2V) interaction. These cars can communicate between themselves and can exchange relevant information like location, route, speed, etc. This will help in preventing accidents and makes roads safer.
- Micro-collision detection and vehicle security
IOT sensors and onboard cameras in the vehicles will transmit the data to the vehciles onboard display or to the owners smartphone. Most automobiles are getting equipped with sensors and cameras, and any “micro-collision” — low-speed vehicle incidents which does not get the airbag deployed— are going to be recorded and shared for further analysis.
- Environmental benefits.
IoT in vehicles allows better energy consumption, which inturn helps in reducing emissions and optimizing energy resources.
Applications of IoT in automotive industry are currently redefining the automotive industry. There will be a complete transformation in the way we use our vehicles in today and future. The future of applications of IoT in automotive industry is technologically in faster growing mode for coming years.