The global automotive smart antenna market was valued at US$ 2,421.2 Mn in 2018 and is expected to reach US$ 6,945.4 Mn by 2026, expanding at a CAGR of 14.3% during the forecast period.
The increasing number of Internet of Things (IoT) devices will generate huge amount of data with it and 5G network is expected to overcome the limitations of 4G by enhancing connectivity across the networks. 5G technology is expected to greatly improve mobile wireless networks' capacity and data speeds, allowing network providers to offer much more robust internet connections to devices. According to Ericsson, Major 5G network deployments are expected to be complete by 2020, and an expected 4.1 billion IoT cellular connections will use 5G worldwide by 2024. Moreover, 5G is expected to play a crucial role in automobile industry. It is expected to enhance the vehicle-to-vehicle (V2V) communications and offer increased visibility and control.
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Currently, millions of vehicles use cellular network for real-time navigation, connected infotainment, and other services. However, introduction of 5G network is expected to enable additional applications such as self-driving, Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), Vehicle-to-pedestrian (V2P) communications. Smart antennas for 5G will improve coverage and optimize capacity by focusing RF signals where they are needed the most. In addition, Smart Antennas enhance 5G application and service mobility by facilitating a more continuous connection, which may become particularly useful at 5G coverage seams. Autonomous cars use numerous sensors to make vehicle smarter and these sensors will generate unprecedented amounts of data. Handling, processing and analysing these data requires a much faster network than the existing 4G technology. 5G network will provide ultra-fast, highly reliable, and fully responsive network with reduced latency.
The impact of this driver is expected to be remain high during the forecast period. Introduction of autonomous cars and adoption of 5G cellular network is a major factor driving the demand of automotive smart antenna market.