5G technology is expanding in a large number of sectors across the globe. The automotive sector is one of the prominent sectors where 5G is gaining considerable traction. The advent of connected technologies across the transportation and automotive sector coupled with the need for high connectivity to enable their functioning will serve as a prominent growth-generating factor for the global 5G in automotive and smart transportation market in the upcoming period. The rising popularity of real-time navigation, enhanced fleet management, cruise control, and in-vehicle infotainment in automobiles will invite exponential growth for the global 5G in automotive and smart transportation market in the upcoming period.
The use of 5G in vehicles and transportation enables massive Machine Type Communications (mMTC). This aspect will offer cities, infrastructure, and transportation for transmitting real-time data to enhance and provide excellent operational efficiency. Furthermore, vehicle-to-vehicle communication assists in making roads safer and sustainable. The future of transport is expected to run through 5G communications on a large scale. Novel services and business models can be supported using sensors embedded in railways, airfields, and roads for smooth communication with smart vehicles. Thus, the benefits attached to the use of 5G in automotive and smart transportation will set the stage for the growth of the global market.
Expanding digitization, growing popularity of connected car technologies, high influence of autonomous car technologies, vehicle electrification, and deepening penetration in automotive and transport industries will prove to be growth-boosting factors for the 5G in automotive and smart transportation market. These trends will continue to be on the top during the upcoming period. All these aspects are prognosticated to have a formidable share in the growth of the 5G in automotive and smart transportation market.
Focused Government Initiatives targeting Smart Transport Infrastructure to invite Substantial Growth Opportunities
Supportive government initiatives for the expansion of 5G technology is serving as a bridge between the growth prospects and the 5G in automotive and smart transportation market. The investments in intelligent transport infrastructure are increasing at a rapid rate. Numerous countries are encouraging smart transport infrastructure for providing better facilities to their citizens. For instance, Finland already has a 10km stretch equipped with sensors. The 10km road helps the drivers on the route to tackle problems such as extreme temperatures and freezing fog. China is exploring the concept of smart highways and it is expected to turn into a reality soon. China plans to collaborate with Huawei for designing its first national project for connected vehicles. Such developments help in boosting the growth prospects of the 5G in automotive and smart transportation market to a great extent.
North America to Add Value to Growth Trajectory of 5G in Automotive and Smart Transportation Market
Among all the regions, North America is expected to emerge as a prominent regional growth contributor for the 5G in automotive and smart transportation market. The strong adoption of communication technology across the transportation and the automotive sector will ensure rapid growth for the market in the region. Asia Pacific can emerge as a breeding region for growth of the 5G in automotive and smart transportation market. With China and India adopting intelligent transport infrastructure initiatives, the demand is estimated to increase across Asia Pacific.
Way Ahead for 5G in Automotive and Smart Transportation Market
Awareness is the most crucial point for the growth of the 5G in automotive and smart transportation market. The government bodies of numerous countries should design effective strategies to campaign the use of 5G infrastructure for connecting vehicles with highways through sensors. Densely populated countries like India are focusing extensively on the use of connected technologies. Similar efforts should be made across developing economies to reduce fatalities and provide excellent transport infrastructure to the citizens. The steady rise in the popularity of 5G in automotive and smart transportation will provide profitable growth avenues for the global market.