India 5G in Automotive Market Size to Vroom at Robust 65.3
India 5G in automotive market is flourishing due to a significant uptake of communications technology in automobiles, an increase in the demand for smart and electric vehicles (EVs).
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects India 5G in automotive market size to grow at a robust CAGR of 65.3% during the forecast period between 2022 and 2030. India 5G in automotive market is being driven by the industry's expanding use of virtual networking architecture and an increase in mobile data traffic. Rising M2M (machine to machine) connections in the automotive sector are also expected to fuel the expansion of India 5G in automotive market. Low-latency communications (V2V) between vehicles and roadside infrastructure are made possible by the 5G technology (V2I). The market is expanding because of the increasing use of 5G - URLL (Ultra Reliability Low Latency) in vehicles. The increasing adoption of fully autonomous vehicles is also expected to fuel the growth of 5G in India automotive market during the forecast period. However, challenges in technology design could limit the growth of India 5G in Automotive market in the coming years.
India 5G in Automotive Market - Overview
5G technology makes possible of features, including fuel tracking, Advanced Driver-Assist Systems (ADAS), real-time navigation and communication, in-vehicle infotainment systems, speed and cruise control, and improved fleet management. Similarly, service providers are focusing on improving vehicle-to-everything (V2X) communication solutions to improve road safety and reduce the number of accidents. As federal and state governments across India take steps to reduce road accidents, the integration of real-time navigation powered by 5G has emerged as an ideal solution, which is expected to accelerate the adoption of 5G in automotive market. The growing adoption of multimedia services in the passenger transportation segment and the resulting demand for high bandwidth networks to support them are expected to support the growth of 5G in the automotive and smart transportation markets.
Over the last few years, demand for smart technologies has been booming owing to rapid technology advancements. This trend is also observed in the automotive industry and is expected to continue in the future. Increasing digitization, the growing popularity of connected car technology, rising consumer demand, growing adoption of self-driving cars, rising demand for intelligent transportation, increasing vehicle electrification, and rising internet penetration in the transportation and automotive industries are some of the major trends that further provide new growth opportunities for players in India 5G in automotive market through 2030.
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India 5G in Automotive Market – Overview
5G technology is expected to accelerate the implementation of connected cars, V2X (vehicle to everything), autonomous driving, and smart transportation systems in the automotive industry. 5G is used in connected and smart factories, synchronized planning, smart supply-chain networks, and smart logistic operations in the manufacturing industry.
As the country improves its 5G network coverage and embraces next-generation cellular technology, more connected cars with advanced safety and comfort features are expected to hit the India automotive market during the forecast period. India 5G in automotive market has segments such as hardware, software solutions, and services based on the component; Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), Vehicle-to-Network (V2N), Vehicle-to-Pedestrian (V2P), and Infotainment and Telematics based on the application segment. Currently, the V2V segment dominates India 5G in automotive market by application, accounting for most of the market share.
Impact of COVID-19 on India 5G in Automotive Market
The COVID-19 pandemic crisis caused a delay in India's 5G rollout schedule. The initially scheduled June 2020 for 5G spectrum auction was postponed. The Third Generation Partnership Project (3GPP) also postponed the publication of 5G standards. It, in turn, caused layers to halt the manufacturing of infrastructure tools and gadgets. The delay in the 5G spectrum auction caused major companies, such as Samsung and Oppo. to launch their most recent products in India without 5G support, even though the same products have 5G support features in other markets. India 5G market saw a sharp increase in demand for high-speed data amid the pandemic, despite the delay in 5G launch. Post the pandemic, it is expected that India 5G in automotive market will benefit from an exponential increase in data traffic, the need for a seamless network connection for remote work, and deepening penetration of IoT devices.
Prominent players in India 5G in automotive market include AUDI AG, BMW AG, Robert Bosch Gmbh, Tata Communications, Daimler AG, Volkswagen, and Verizon. These companies use R&D, expansions, acquisitions, and new product releases to improve their market position.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India 5G in Automotive Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India 5G in Automotive Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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