October 29, 2020

5G in Automotive and Smart Transportation Market to Exceed a Market Valuation of US$ 9,500 Million by 2030, Says Future Market Insights in New Study

DUBAI, UAE / ACCESSWIRE / October 5, 2020 / In a recent market study by Future Market Insights (FMI) on the 5G in automotive and smart transportation market is expected to grow at a dexterous 26% CAGR throughout the estimated period, 2020-2030. Growing dependence on smart technology comprising IoT and 5G, into the transportation and automotive sectors is poised to confer lucrative revenue prospects to market players. As automotive producers leverage both the demand-side and supply-side advantages provided by the incorporation of 5G technology in automobiles, the market is slated for remarkable growth over the projected period.

However, production in the automotive sector plummeted, accordingly bringing down the automobiles sales, due to the COVID-19 pandemic. This posed a challenge for market growth, healthy growth is predicted with the relaxation of lockdown measures.

“Market players operating in the global market are focusing their efforts towards research & development exercises to discover

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