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5G in Automotive & Smart Transportation Market to Witness Exponential Growth by 2030
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Global 5G in Automotive & Smart Transportation Market - Dynamics
Increase in Demand for Advance Technology Integration in Automobiles Industry
Rise in demand for electric vehicles and smart vehicles, specifically in North America and Europe, has fueled the demand for the advance technology integration such as voice assistant and ADAS. For instance, in January 2020, Amazon Inc. announced partnerships with Lamborghini and Rivian, new auto-specific skills for its Alexa voice assistant. Increase in demand for NextGen technology in automobiles is boosting the 5G in automotive & smart transportation market.
Lack Awareness about Technology Integration and Communication Infrastructure hampers 5G in Automotive & Smart Transportation Market
Lack of communication infrastructure in countries such as Brazil, India, ASEAN, and Africa. Incompatible network infrastructure impacts the demand for 5G in automotive & smart transportation, as these services depend highly on strong communication service. With poor network infrastructure, the output with the 5G services can't be optimum in nature. On the other hand, domestic manufacturers of automobiles also resist new technology adoption within these countries majorly due to increased overall price of the vehicle, which is used in transportation service.
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North America to Dominate Global 5G in Automotive & Smart Transportation Market
In terms of region, the global 5G in automotive & smart transportation market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the 5G in automotive & smart transportation market during the forecast period due to strong adoption of communication technology within the automobile and transportation industries.
COVID-19 Impact on Global 5G in Automotive & Smart Transportation Market
The COVID-19 pandemic is expected to moderately impact the global 5G in automotive & smart transportation market. Automobile manufacturing and production industries are highly skeptical about the new investment specific to technological advancements within the industries. Nationwide lockdowns imposed in several countries have directly impacted the automobile industry, which is also a major reason behind such skeptical investment.
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Global 5G in Automotive & Smart Transportation Market - Competition Landscape
In February 2020, Ericsson and Audi came together in a partnership, which would be primary focused on 5G-powered automation application on its car manufacturing process. The company is expected to test the possibility of 5G technology for industrial applications in the smart factory in the Audi Production Lab.
Ericsson
Founded in 1876, headquartered in Stockholm, Sweden, Ericsson is a leading provider of information and communication technology (ICT) services. The company's portfolio includes networks, digital services, managed services and emerging business; powered by 5G and IoT platforms.
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