Analyzing internet of things emergence for modern electric vehicle industry

• IoT application is assessed in the digitalization of the vehicle industry • Energy management and control are investigated for electric vehicles • The transportation modernization is holistically evaluated for vehicular systems • A critical analysis of IoT-enabled technologies is done for the transportation modernization • Recent transformations and advancements of EVs in Industry 5 are scrutinized Recently, the transportation sector has witnessed evolutionary changes by simultaneously emerging new vehicular technologies and a global consensus on the green economy. Herein, by increasing the number of uncertain-behavior vehicles in the transportation fleet, the need for purposeful energy management and control has become more apparent than ever before, requiring capable technology paradigms for effectively handling the presence of new smart players in the transportation area. This article proposes advanced IoT-enabled technologies to overcome the challenges of transportation modernization by developing practical solutions along with examining technology advancements to achieve the modern EV industry. Indeed, this work contributes to procuring necessary information for transforming and advancing EVs in Industry 5.0 to highlight the related critical challenges and disclose the IoT potentials in the digitalization of the transportation area by investigating its useful functionalities. On the other hand, this article innovates IoT capabilities in managing and controlling energy interactions in the vehicular systems by unveiling the energy management of parking lots, charging stations, and uncertainties. Another novel aspect of this work stems from the urgent need for the development of multi-dimensional IoT-based vehicular frameworks, which it scrutinizes the effective role of IoT in revamping the vehicular infrastructure by examining the system advancement from the economic, environmental, technical, and social equity perspectives. Such investigations resulted in IoT-enabled frameworks that support the transportation sector with diverse and intelligent players to cope with interaction challenges through the integrated operation of EVs towards transportation modernization. Moreover, another achievement is the multi-dimensional IoT platform for enabling the vehicular industry to deploy modern EVs that are efficient in energy consumption, technically feasible in practice, affordable in cost, and user-friendly on the customer side.