Apr 21, 2021 (Market Insight Reports) -- Selbyville, Delaware, According to the business intelligence report titled ' Global 5G in Automotive and Smart Transportation Market Size study, by Solution, by Application, By Industry and Regional Forecasts 2020-2027', available with Market Study Report LLC, global 5G in automotive and smart transportation market was worth USD 747.53 million in 2019 and is speculated to reach USD 4748.90 million by the year 2027, growing with a CAGR of 26% throughout.
Growing demand for vehicles which are safer, more convenient, and efficient, coupled with government edicts to promote connected car applications are key factors driving global 5G in automotive and smart transportation market. Furthermore, development of the new value chain ecosystem in automotive sector will act as a catalyst.
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For the unversed, automotive and smart transportation vehicles are equipped with internet accessibility and leverage wireless local area network. This internet access is utilized to connect to other gadgets both inside and outside the vehicle. It also enables a person to link a smartphone to the vehicle and use advanced technologies. Incorporation of 5G infrastructure facilitates collection of real time information and speedy transfer of data in vehicles.
The report cites that efforts made by leading players, ranging from innovative launches, collaborations, and acquisitions, will result in global 5G in automotive and smart transportation market expansion. For instance, Huawei Technologies Co. Ltd. partnered with Thailand NBTC (National Broadcasting and Telecommunications Commission) and Siriraj Hospital in June 2020, to develop a 5G self-driving vehicle which will be utilized to deliver medical supplies to hospitals.
Likewise, Tesla Inc., in July 2020, declared that it has almost reached the fifth level of self-driving technology and is working on a new cooling or heat projection system so that state-of-the-art computers can be used in the car.
Contrastingly, concerns regarding privacy and cyberthreats to connected vehicles, high cost of these automotive, and shortage of supporting infrastructure in emerging countries are key factors hindering worldwide 5G in automotive and smart transportation industry proliferation.
Key market players profiled in the report are Audi AG, Deutsche Telekom AG, Bayerische Motoren Werke AG, Huawei Device Co. Ltd., Nokia Corporation, Daimler AG, Qualcomm Incc., Telefonaktiebolaget LM Ericsson, and Telefonica S.A.
From the regional frame of reference, North America captured majority of global 5G in automotive and smart transportation market share in the recent past, due to rise in integration of connected devices in passenger cars, and increasing development of digital technology like new updates and cybersecurity tools.
Meanwhile, Asia pacific market is projected to exhibit highest annual growth rate between 2020-2027, owing to improving 5G infrastructure, and amplifying communication & IT sector.
For More Details on 5G in Automotive and Smart Transportation Market Report at: https://www.marketstudyreport.com/reports/global-5g-in-automotive-and-smart-transportation-market-size-research?utm_source=Marketwatch.com/&utm_medium=SP
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