January 11, 2021
According to the research report titled ‘Global 5G in Autonomous Vehicle Market Size study, by Type (Semi-Autonomous vehicle, Autonomous Vehicle) by Application (Transportation, Defence) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global 5G in autonomous vehicle market size is projected to expand substantially through 2027.
Inflowing funding by government and private organizations for the development of autonomous vehicles is fueling the growth of global 5G in autonomous vehicle market. Further, preference for better comfort and distrust in drivers are boosting the sales of autonomous vehicles. Moreover, several strategies adopted by private companies to enhance their stake is expected to impel the market growth.
Autonomous vehicles can read and sense the environment to operate without human input. The safety and performance of autonomous cars directly depend on the time taken by the input signal to reach the computer, and then the time taken by the computer to make decision. The average time taken by the cycle is around 2 milliseconds which can be achieved using 5G network.
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Constant advancements in the field, and willingness of automakers to swiftly adopt new technologies will augment the worldwide 5G in autonomous vehicle market outlook. Citing an instance, in July 2020, Tesla announced to have reached level 5 of autonomous driving technology, and the company is developing a new cooling system to incorporate advanced computers in the car.
However, lack of proper infrastructure that can support autonomous cars in the developing nations, and rising concerns about cyber security and data safety may hamper global 5G in autonomous vehicle industry forecast over 2020-2027.
From a regional frame of reference, worldwide 5G in autonomous vehicle market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America held considerable market share in the past year, mainly due to presence of abundant players in the region, and availability of well-established infrastructure for the operation of autonomous cars. Whereas, Asia-Pacific industry is anticipated to witness significant growth over 2020-2027, owing to increasing disposable income, and rising population.
Major players operating in global 5G in autonomous vehicle market sphere include Daimler AG, Delphi Automotive PLC, Ford Motor Company, Huawei Technologies Co. Ltd., General Motors Company, Continental AG, DENSO Corporation, Infineon Technologies AG, Robert Bosch GmbH, and Tesla Inc.