IoT revolution has been greatly impacting the automotive industry like never before. With the IoT revolution, the automotive industry is experiencing the convergence of auto manufacturers and technology companies. These impacts can be visibly seen in car leasing, car rental services, public transportation, auto manufacturing. Recently Ford Motors announce the integration of telematics into their vehicles. Similarly, Apple and Google are in the process of developing autonomous vehicles. According to Gartner’s prediction, by the end of 2020, the number of connected devices will reach by 20.8 billion which seems to be possible with its far reach in the automotive industry only.
IoT connected vehicles offer proactive fleet maintenance which not only saves the customers from breakdown and downtime of the leased vehicle but will also improve the customer relationship and extend the leasing contract. IoT connected vehicles provide the real-time data of the asset such as location, fuel tank empty, or battery issues beforehand to save time.
Similarly, IoT connected vehicles can be of significant use in the car rental industry. The fuel level information of rented car can be obtained through telematics. Similarly, the virtual key solution can be used to lock/ unlock the car door by using smartphones to avoid the management of car keys. Moreover, maintenance and car wash may also be automated through telematics.
IoT can also prove to be beneficial for auto manufacturers as the Original Equipment Manufacturers (OEMs) provides post-sale services during the warranty period. The OEMs can use IoT to reserve their customers by introducing special offers by monitoring their distance or service interval.
Car manufacturers can leverage telematics to connect all their older vehicles and gather valuable sets of data that help them build better vehicles. Knowing that customers are having battery issues or that particular faults occur after many years in the real world can help them build better new vehicles.
The buzz of IoT will be over after some period and some other new technology will evolve on the top of it, but IoT will serve as the commodity and embrace the new evolving technologies one will need to embrace IoT.