Internet of Things (IoT) technology is revolutionizing our lives. IoT devices allow users to measure physical health indicators, control air temperature and evaluate engine performance with a few clicks. IoT has become increasingly important to automotive companies and related businesses. An automotive IoT system is made up of a number of devices that are connected to the internet. The data allows real-time optimization of manufacturing processes and transportation management. Vehicles become smart through the use of IoT solutions. It enables predictive maintenance, AI-enhanced driving assistance, and other advanced features. Moreover, it improves road safety and fuel efficiency. Automating production processes reduces human error by improving quality control. Let us examine how IoT impacts the automotive industry.

What is Automotive IoT?

Automotive IoT incorporates gadgets, sensors, cloud computing, and applications. Essentially, it functions as a complex system for connecting vehicles. IoT performs predictive maintenance, manages fleets, and provides insurance to OEMs. Manufacturers can implement sought-after innovations with the IoT in the automotive industry. Eventually, it could transform cars into near-intelligent machines.

Automotive IoT solutions will become more complex as they develop. New and exciting services will continue to be offered by manufacturers as mobile communications and technology inside connected cars continue to advance.

Benefits of IoT in the Automotive Industry

  1. Remote Software Updates

Drivers and manufacturers are benefiting from connected cars,  in terms of software updates. The traditional method of updating cars is to return them to the dealer after they were produced. Instead of customer inconvenience, it becomes very costly for the car manufacturer.

Vehicle performance can also be enhanced by OTAs. A series of OTA software updates covering from battery performance to suspension lifts. Staying up with changing technology fixes quickly rather than dealing with issues.

  1. Predictive Maintenance

Automotive IoT promises predictive maintenance as one of its greatest benefits. As a connected car is driven, computer chips and sensors gather performance data. In the cloud, maintenance requirements are predicted. A driver could even alert the manufacturer or mechanic of a maintenance issue. Most sophisticated systems incorporate artificial intelligence to enhance their predictive algorithms.

Consumers can save money with predictive maintenance because it can collect data. Adapting car settings over time to prevent wear and tear. Dealerships and mechanics can also save money by keeping track of upcoming repairs.

  1. Easy Parking 

Every year, American drivers spend 17 hours searching for parking. Each year, we lose $73 billion in time, fuel, and emissions. Drivers spend a lot of time and money parking. The application of automotive IoT could help reduce these costs. Market analysts predict that smart parking will be worth more than $16 million by 2028 because connected cars can make parking easier. 

By using mapping data, companies can find open parking spots by putting car data in the cloud. City planners can measure parking availability and duration for urban transportation planning.

  1. Predictions For Traffic 

A traffic jam is at best a hassle. Crashes are likely to occur at worst. Increasing numbers of IoT sensors are installed on CCTVs on highways and bridges. It anticipates likely congestion points before they occur. IoT-capable cars are able to report traffic patterns and forecast traffic phases. IoT can exchange information between connected cars. By predicting traffic, drivers can utilize fuel more efficiently and drive more safely. 

Predictions will become more accurate as connected cars provide more timing data. Traffic patterns and car connectivity will also be improved by autonomous vehicles. Travel time was reduced by 17 percent by autonomous vehicles in a simulation study.

Challenges and opportunities for the automotive industry

Automobile manufacturers must understand and evaluate the following challenges in the industry:

  • Costs Associated with Excess Production

Automobile manufacturers face the challenge of overcapacity these days. The business has started to invest heavily in developing vehicles that may not actually be needed due to changing supply chain management scenarios. Nevertheless, the manufacturer has already spent sufficient funds before realizing the same. 

  • The Impact of Connected Technologies

The automotive industry also faces challenges related to connected technologies. In the automobile industry, data-driven technologies make digitization a norm in new vehicles. However, this technology is not suited to storing and transferring large amounts of data.

  • Evolution of Self-Driving Cars

The automotive industry faces a number of challenges due to self-driving technology. Despite the global embrace of technology, we still have a very long way to go before it becomes mainstream. Several companies have already started implementing their technology.

  • Sustainability

The global automotive industry is increasingly concerned about vehicular emissions. Due to fuel-powered vehicles, air quality is deteriorating day by day. Regulations challenge manufacturers, who must comply with strict emissions caps.

IoT Advancements in the Automotive Industry

  • Telematics and Fleet Management

IoT enriches fleet management with new advanced functionality. It will reduce manual labor and increase efficiency. Real-time data is collected by connected cars IoT including speed and location. Fleet management operators can utilize IoT analytics solutions to gain insights. It helps in determining the most efficient routes. To avoid business disruptions, companies should monitor employees’ driving habits, monitor vehicle performance. Thus it becomes essential to implement predictive maintenance plans.

  • Connected Cars

A vehicle-to-vehicle (V2V) interaction is enabled with the help of integrated IoT sensors. Vehicles can share information such as location, route, and speed. It improves road safety by reducing the risk of accidents. If an emergency occurs, nearby drivers may be notified to take preventive measures. Emergency vehicles can also navigate through traffic using V2V connections.

  • Predictive Maintenance

Vehicle condition is constantly monitored by IoT solutions to predict potential problems. IoT sensors collect data in real-time about fuel consumption and run time. Analysis of this data alerts the driver in advance of pre-failure conditions. A simplified maintenance process can reduce costs compared to a conventionally scheduled check-up.

Vehicles equipped with IoT-enabled infotainment systems can stream music and answer phone calls. Cloud services such as improving navigation, free map updates, and sending directions remotely. It simplifies car ownership and connects cars to the wider web.

  • Semi-Autonomous Vehicles 

The vehicle can take part in driving, braking, parking, and changing lanes. In-vehicle cameras and IoT solutions allow smart vehicles to provide safer driving assistance.

Final thoughts

There is no doubt that IoT will impact the automotive industry in a wide range of ways in the coming years. Car manufacturers, analysts, and insurance companies are receiving a growing amount of data. The automotive industry can implement IoT in many ways. Moreover, safety and comfort for drivers are equally important. IoT services could make fully unmanned vehicles a reality in the near future. Since big IT companies are becoming more and more interested in this field.