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.
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