The rising penetration of advanced technologies, including 5G and IoT, into the automotive and transportation sectors is anticipated to bestow lucrative revenue opportunities to market players. As automotive manufacturers leverage both the supply-side and demand-side advantages offered by the integration of 5G technology in automobiles, the market is set for robust growth through the assessment period.
The 5G technology has enabled manufacturers to deliver advanced features in vehicles such as fuel tracking, Advanced Driver-Assistance Systems (ADAS), real-time navigation and communication, in-vehicle infotainment systems, speed and cruise control, and improved fleet management, among others. Likewise, service providers are focusing on enhancing the vehicle-to-everything (V2X) communication solutions to improve road safety and lower the incidence of road accidents.
A recent study from Future Market Insights has projected that the global 5G in the automotive and smart transportation market will rise in value at a stellar CAGR of ~26% between 2020 and 2030. To learn more, click here.
