5 Ways The Internet of Vehicles is Revolutionizing The Automotive Industry

In 2019, the Internet of Things is rapidly changing the world as we know it. It’s taking us to a whole new digital era, where connected devices surround us. All this once sounded way too futuristic, but now it’s slowly turning into reality.

This digital transformation impacts all industries. What’s most intriguing are the effects of IoT in the automotive one, mainly because of all the hype around autonomous driving. That has laid the foundation of a whole new field in the sphere of the vehicular network. We call it the Internet of Vehicles (IoV).

Emerging technologies like this one, combined with Artificial intelligence, take us a step closer towards the revolution of autonomous driving. The IoV provides new ways of communication and connectivity driven mostly by the advancements of the Internet of Things.

Statistics show that connected car shipments are expected to hit 64 million units by the end of this year. Cities are slowly being covered with sensors and smart technologies, which help for the implementation of intelligent infrastructure. It provides real-time communication among vehicles, roads, pedestrians, and even parking lots.

If you’re wondering what the IoV is, we’ll explain shortly. It’s an intricate network through which real-time communications are possible. It uses all the technologies spread across modern vehicles, such as navigation systems, sensor networks for information exchange, and mobile connection.

Giants like Huawei and Google have already performed trial versions of IoV and vehicles that are expected on the market pretty soon. However, as a technology that promises improved security, it’s widely assumed, together with the smart city infrastructure.

For that reason, in this post, we’re going to have a look at some of the ways the Internet of Vehicles revolutionizes the automotive industry.

Satisfying Customers on a Whole New Level

Today, the average modern high-end car has about 100 million lines of software code. It would require some advanced coding techniques and management. The Internet of Vehicles can achieve higher customer satisfaction by providing updates on embedded codes. These could offer new services, which helps in increasing the aftermarket service revenue.

The new way of in-vehicle connectivity allows manufacturers to identify any defects in their products and also optimize reliability. The predictive maintenance lowers any risks of failures or emergencies to a minimum. What’s more, IoV enables manufacturers to sell improved software versions with new features.

New Design

The Internet of Vehicles, together with machine learning, make the management of the lifecycle of a product way easier. It accelerates engineering and production timelines. It means faster time-to-market, and as we mentioned, customer loyalty.

Furthermore, IoV could distinguish low value-driving components and give clues to remove them from future designs in general. It will reduce manufacturing costs and the overall cost of the vehicle. This new ideation design consists of applying tools and analytic techniques to monitor the overall performance of the end-product and use the data to optimize its design in the future.

Improved Road Safety

According to the Association for Safe International Road Travel, nearly 1,25 million people die in road crashes each year, which makes an average of 1,287 deaths a day. With these tragic statistics in mind, the IoV comes to make roads a safer place.

There already are devices that detect collisions and contact emergency services, providing them with the exact location. Such technologies could also give the manufacturers data, so they know where they need to make further improvements.

The main reason for car accidents is still human error. Fortunately, this could finally reduce through IoV technology. It monitors driving habits and sent recommendations to the driver, as well as sent them notifications of potential problems or emergencies. Fleet companies are now using this technology in the UK to improve their employees driving experience.

It could only mean that personal vehicles will implement this technology pretty soon as well. Very soon, it is set to reduce accidents.

Become More Environmentally Friendly

The Internet of Things, in general, contains lots of information on city roads. This data could be used to create green solutions. Singapore is probably the best example of that. They implement congestion charges and focus on investing in smart infrastructure. It has helped them to reduce city toxic gas emissions.

Jamshedpur is another example of building a smart infrastructure to create environmentally friendly cities in India. Most of its streetlights are IoT connected. It allows them to track movement on the road and switch the light when needed by themselves. What’s more, this saves on electricity consumption as well.

Lifecycle Revenue

An IoT infrastructure can gather data to get insights on car usage, location, condition, and driver habits at every second of connected vehicle’s lifetime. It creates new revenue streams for manufacturers. IoT enables an entirely new aftermarket service by analyzing and monitoring collected data from all the cars on the road.

For example, manufacturers will be able to know their customers better, which will give them the ability to offer targeted content or deals, like new paid features or even infotainment content. This personalized approach can increase user engagement. For instance, with IoV, connected cars will be able to perform tasks for drivers like payments. They’d even be able to pay for their insurance.

A Revolution For Automotive

The Internet of Things has found so many applications in the automotive industry that a whole new field of with was created, called the Internet of Vehicles. Its potentials are huge. Every automotive manufacturer could benefit from that and adopt their own IoV strategy.

It’s slowly turning into a necessity if they want their products to be competitive. The Internet of Vehicles is a revolution in the automotive industry that is expected to provide a solution for the most significant concern nowadays – road safety.

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Tags Automotive industry automotive technology FPT FPT Software IoV

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