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Connected Vehicles: Smart Cars are Safer and More Efficient
Automakers are gearing up for a world of connected vehicles. Those vehicles that have access to the Internet, typically via a wireless local area network (WLAN), and are able to bi-directionally communicate with both with cloud services and other vehicles. Manufacturers, insurance companies, and others will be able to collect data from the vehicle.
In November, GM announced plans to hire 3000 engineering, IT, and design employees to help develop connected vehicle capabilities. Since 2018, across the car industry, investors have put more than $25 billion into 650 deals related to connected cars and self-driving technology.
Some of the benefits of Connected Vehicles include:
- Safety. Real time road condition information could help avoid accidents, bad road conditions, traffic and weather.
- Efficiency. Identify the most efficient traffic-free route to destination. Location of fleet vehicles can be tracked. Need for car maintenance can be monitored and scheduled.
- Accessibility. Smarter cars give disabled drivers more options and make driving easier
Stephanie Brinley, principal automotive analyst for IHS Markit, said that “the electric vehicle part of it is important but I think the investment in software as a service is the portion that is meant to enable a new revenue stream for General Motors. Frankly, selling electric vehicles rather than selling internal combustion engines is still selling vehicles. It’s not a new revenue stream.”
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