European IoT in automotive market is expected to witness a significant growth rate during the forecast period, suggests the report of ResearchAndMarkets.com.
Automotive sector is changing at a rapid pace. One of the factors that is indicating the wellbeing of a country is development in transportation. One of the uses of IoT in transportation is its application in electrical vehicle. It is an important tool to reduce the fuel cost as well as the impact of global warming. IoT in transportation eliminates the problems regarding poor fleet management through better analytics and control such as monitoring idling, fuel consumption, travel conditions, and travel time between points.
Connected cars along with the IoT enabled car offers opportunities for consumer as well as automotive manufacturers. Connected car for the consumers is the integration of traffic and navigation information, entertainment, and advanced features including remote diagnostics and maintenance, safety and emergency assistance. While for the manufacturers, it enables valuable insights into vehicle operations and performance, safety services for the lifetime of a vehicle, remote diagnostics, and creates better interaction with customers. Also, the number of automobile production is increasing at a significant rate, in turn creating new opportunities for the IoT in the automobile sector.
Some of the major players operating in the European IoT in automotive market include AT&T Inc., Ford Motor Company, Robert Bosch GmbH, Toyota Motor Corp. and others. These players adopt various organic and inorganic growth strategies such as merger and acquisition and product launch to strengthen their presence in European market.