5G in Automotive and Smart Transportation Market to Exceed a Market Valuation of US$ 9,500 Million by 2030, Says Future Market Insights in New Study
October 5, 2020
DUBAI, UAE / ACCESSWIRE / October 5, 2020 / In a recent market study by Future Market Insights (FMI) on the 5G in automotive and smart transportation market is expected to grow at a dexterous 26% CAGR throughout the estimated period, 2020-2030. Growing dependence on smart technology comprising IoT and 5G, into the transportation and automotive sectors is poised to confer lucrative revenue prospects to market players. As automotive producers leverage both the demand-side and supply-side advantages provided by the incorporation of 5G technology in automobiles, the market is slated for remarkable growth over the projected period.
However, production in the automotive sector plummeted, accordingly bringing down the automobiles sales, due to the COVID-19 pandemic. This posed a challenge for market growth, healthy growth is predicted with the relaxation of lockdown measures.
“Market players operating in the global market are focusing their efforts towards research & development exercises to discover solutions to real-time communication challenges and are centering on improving fleet management applications,” comments an FMI analyst.
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Based on solutions, hardware components will hold two-thirds of the overall market share during 2020-2030
Based on the application, the fleet management will be accounting for three-fifths of the overall market share due to higher demand amid commercial vehicles.
In terms of industries, the automotive and defense sectors will attain the majority of market share over the assessment period.
The surging number of road accidents has put greater emphasis on road safety, consecutively laying a fertile ground for 5G in the automotive & smart transportation market.
Smart sensors allow attributes such as blindspot detection and automatic braking, among others, which all together assist in curbing road accidents and boosting market demand.
Reliability and the high speed of 5G will remain the key growth feature to the market over the assessment period.
North America remains at the forefront of the market for 5G in automotive & smart transportation due to growing inclination towards connected cars.
East Asia is anticipated to be the second most lucrative region due to the strong presence of the automotive industry in China which triumphs as the foremost automobile producer in the world.
Europe is anticipated to grow rapidly, primarily due to undisputed government support to develop the industry utilizing 5G technology.
Companies operating in the 5G in the automotive and smart transportation market are closely observing the activities of automotive manufacturers to benefit from on their demand. They are preferring long-term investments focused on advancing new revenue streams, such as automotive intelligence and Wi-Fi 6, the next-gen standard in WiFi technology, to fortify their foothold. Moreover, companies are entering collaborations and are launching novel technologies to gain a competitive edge. For instance
Qualcomm Technologies, Inc. initiated a Car-to-Cloud Service powered by 5G to assist automakers to keep telematics systems and cockpit updated.
Major companies functioning in the 5G in automotive & smart transportation market are BMW AG, AUDI AG, Robert Bosch GmbH, Telefonaktiebolaget LM Ericsson, Deutsche Telekom AG, Huawei Device Co., Ltd., Nokia, Daimler AG, Qualcomm Technologies, Inc., Verizon, Telefónica S.A., Volkswagen, and Vodafone Limited.
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5G in Automotive and Smart Transportation Market – Market Segmentation
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