The introduction of advanced technologies like the 5G and IoT has leveraged the automotive industry with a lot of possibilities. The sector anticipates lucrative revenue potential from the connected and autonomous vehicles that are the future of the industry.
Ericsson’s study states, that for the smart public transport industry, connected buses are the way forward. The research suggests, with IoT technologies, fuel consumption can be reduced to 15 per cent with improved driver and passenger safety.
With the government approving the rollout of the 5G spectrum, the way has become easier for smart vehicle applications to penetrate into the automotive sector. OEMs are looking forward to such advancements and they strongly believe that Industry 4.0 and IoT have kickstarted a different journey for the sector.
A study by Gartner reveals that 53 per cent of the total automotive industry’s endpoint market will be 5G IoT by 2023. A detailed breakdown seems like – 39 per cent of the market share will be of connected car modules, and fleet telematics devices will constitute around 11 per cent of the market share.
The world becoming a global village is now ‘connected’ too. When the reliability of the internet has become one of the basic needs, why not connect the industries with the same? So the new age’s connected auto world. Read more on how: IoT in the automobile sector has turned into a hotspot for an assortment of multiple applications.
Despite an array of problems that the automobile industry faced in the last two years, analysts indicate a 26 per cent increase in the use of 5G wireless integrated into smart transportation in the coming decade.
5G is auto industry means autonomous driving, Vehicle-2-Vehicle (V2V), Vehicle-2-Infrastructure (V2I), Vehicle-2-Network (V2N), and Vehicle-2-Pedestrian (V2P) communications and the new safety-sensitive applications, V2V/V2I (V2X, or Vehicle-to-Everything). Studies suggest this higher-level automation can bring the global accidents rate down to over 1 million deaths.
The 5G tech has been assisting the automakers to deliver features like ADAS. Fuel tracking, real-time navigation and communication, in-vehicle infotainment, speed and cruise control, and better fleet management are just a few assistances that have made everything easier-efficient and effective.
Organizations that embrace this new era of digitalization enjoy increased efficiency and cost reductions, thanks to better predictability and greater control. Digitalization also means companies are becoming software businesses, generating proprietary data. They are no longer an isolated part of a vertical market, but a data-driven, interconnected element of a wider, digital ecosystem of services, report suggests.
Many prominent car manufacturers have already taken the connected route and have started relying on 5G for smart transportation, R&D has been on for a while now. European auto giants like BMW, Daimler, Volkswagen, and others have already entered the arena.
Audi vehicles are embedding technology supported by Verizon’s 5G Ultra Wideband network. Another company that nabbed into the 5G connected car deal is AT&T which recently announced its collaboration with GM with an aim to 5G-equip select vehicles starting with 2024.
Looking at the Indian market, the connected mobility in vehicles is still at a beginning point, and currently, there are only a few such cars in the country. These include cars like the MG Hector, Kia Seltos, Nissan Kicks, and the Hyundai Venue.
