How IoT will transform the automotive industry quoting : "iothub"

ICIS produces a monthly Global Automotive report covering the major automotive chemicals markets, the auto-industry, the IBAPs and macroeconomic trends. "I am a great admirer of the old Land Rover Defender and have enormous respect for its off road capability. INEOS CEO Jim Ratcliffe leans against his Land Rover Defender. Source: INEOSLONDON (ICIS)--INEOS is to push ahead with the building of a brand new 4x4 off-roader vehicle having completed a six-month feasibility study, the Swiss-domiciled chemicals major announced on Monday. The automotive industry is a major global consumer of petrochemicals which contributes more than a third of the raw material costs of an average vehicle.


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"Instead of building the car, [vehicle manufacturers] need to build the brand and the relationship with the customer. By Peter Gutierrez onThe Internet of Things will usher in new opportunities for the automotive industry, but according to one industry executive, the manufacturers have to rethink their revenue and business models to stay competitive, and look beyond simply connected services. He said that while brands that sold luxury and work vehicles would find this transition easier to make due to existing brand loyalty, the risk will be more apparent for low to mid-market passenger vehicle manufacturers. A number of manufacturers have already started on this journey of 'transport-as-a-service', and are moving away from their established revenue streams. "Recognising growth and revenue is going to change, and margin models cannot be counted on for much longer.


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