The automotive business has witnessed various important technological advancements. The traditional four-wheeled cars that were equipped with normal features have changed into connected vehicles with advanced features like big data, cloud computing, and IoT (Internet of Things). Technological advancements have resulted in various inventions in the forthcoming vehicles. For example, several parts utilize big data analytics technology and platforms. It has offered OEMs (original equipment manufacturers) a qualitative benefit in the extremely competitive market. Thus, it is clear these technologies will boost the user experience and also make an excellent influence on the supply chain and transform the way OEMs utilize for automobile manufacturing.
A leading jeep showroom in Chennai has recognized certain important automobile industry trends that you should know. They are classified into V2G, UBI, vehicle as a mild hybrid, HUB concept, truck platooning and In-Vehicle health checking.
UBI (Usage-based insurance for vehicles)
IoT (Internet of Things) has resulted in a connectivity wave that has attracted all the industries in the world. For example, the global insurance field is undergoing a major change influenced by Fintech and IoT. The IoT platform assists the users to connect with insurers of several sectors like individual policyholder blockchain, property and motor. Insurance companies are utilizing IoT data to enhance their precision in pricing policies, accessing risk, and determining necessary reserves. IoT’s introduction has developed various openings in the automobile insurance domain like UBI (usage-based insurance).
Automobile UBI (usage-based insurance) is the motor insurance category that deliberates several factors so as to calculate the premium. Some of the important factors are distance traveled, type of vehicle utilized, and driver’s behavior among others. Usage-based insurance motivates safe driving behavior and it has resulted in fewer accidents. It thereby assists insurance companies to improve the bottom line and reduce claims payout.
Usage-based insurance is divided into kinds and future application
- PAYD ( pay as you drive)
- Distance-based insurance
- MHYD (manage how you drive)
- PHYD (pay how you drive)
Automotive UBI’s future application:
- HMI and artificial intelligence in transportation
- Autonomous and semi-autonomous car
- Fleet management based on IoT
UBI provides discounts to clients according to certain driving behaviors and parameters. It has condensed the claim process expense with the assistance of technologies like advanced crash notification. It has also enhanced tailed insurance products for clients. It is how the UBI has an excellent influence on the progress of connected devices.
Vehicle as the hub and connected vehicles:
Automotive technology is developing in an excellent manner. Continuous innovation results in the launch of the advanced self-driving vehicle. Though AI-based technology in automobile applications is unusual, they have chances to become an important component in the latest premium vehicles for the following decade.
ADAS (advanced driver assistance systems), autonomous vehicles and human-machine interface are some of the applications that will motivate the car as the main notion. A strong IoT standby is important to connect devices and vehicles. 5G (upcoming), Bluetooth, GPS, 4G and Wi-Fi will play an important part in the ride mobility and hailing on demand. Due to the developing number of connected services and devices in the vehicle, the payment gateway would be the latest approach. It enhances user involvement and remains accessible to large users than the present.
V2G and V2X Technology:
The telematics use of automobile vehicle to everything expertise provides collision avoidance, traffic systems, emergency vehicle notifications, remote diagnostics and monitoring, parking management systems amongst other sub-applications. It offers cars with the capacity to get warnings regarding real-time alerts and traffic associated with various hurdles and accidents. There are various kinds of automotive connectivity that include the utilization of IoT by V2X, V2I, V2V and V2G. Vehicle 2 grid (V2G) technologies utilize peak load supervision as distributed storage strategies that allow the convention of EVs (electric vehicles). The stored energy is used to nourish the electrical system at the periods of ultimate demands in offices and homes and also in conditions of sudden changes in the electrical load. https://fnbherald.com/2020/01/07/vehicle-to-grid-technology-market-growing-trend-and-precise-outlook-2020-to-2024/ – Click Here to check more about the vehicle to grid technology.
V2X is the wireless technology that comprises the interchange of information between all entities and vehicles that comes in connection with like infrastructure, other vehicles, the grid, devices in the locality and the cloud.