5G in automotive and smart transportation market is expected to record a CAGR of 35.4% during the forecast period 2023 to 2033.
The 5G in automotive and smart transportation market is expected to reach from US$ 2.02 billion in 2023 to US$ 41.78 billion by 2033. The market is expected to register a 35.4% CAGR from 2023 to 2033.
The rising demand for high-speed data connectivity for unified Internet of Things (IoT) applications like smart home energy management is expected to drive the market
Fuel tracking, Advanced Driver-Assist Systems (ADAS), real-time navigation and communication, in-vehicle multimedia systems, speed and cruise control, and improved fleet management, among other features, have been made possible by 5G technology. Similarly, service providers are concentrating on improving vehicle-to-everything (V2X) communication systems to increase road safety and reduce incidents of accidence.
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As national governments around the world take steps to reduce road accidents, the integration of real-time navigation powered by 5G has emerged as an attractive solution, which is likely to accelerate adoption. Furthermore, the growing adoption of multimedia services in the passenger transportation sector, as well as the resulting demand for high bandwidth networks to support them, may drive the expansion of 5G in the automotive and smart transportation markets.
Growing emphasis of 5G system integration providers on forming agreements with telecom operators is expected to boost the usage of these services. As part of their attempts to remain competitive in a highly competitive climate, several industry verticals are focused on technology changes to boost overall productivity and operational efficiency.
The 5G wireless technology has the potential to assist in realizing dramatic transformations across all these verticals by lowering overall costs and increasing productivity. The continuing focus on enhancing energy monitoring and management, as well as obtaining greater control of the energy generating and distribution network, is likely to drive market expansion throughout the projection period.
Key Points from the 5G in Automotive and Smart Transportation Market
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Key Development in the 5G in Automotive and Smart Transportation Market
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Jun 07, 2023