New York, United States , July 24, 2024 (GLOBE NEWSWIRE) -- The Global 5G in Automotive and Smart Transportation Market Size is to Grow from USD 1.82 Billion in 2023 to USD 17.88 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 25.67% during the projected period.
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"5G in automotive and smart transportation" refers to the incorporation of 5G communication technology into automobiles and transportation. Manufacturers are increasingly offering better features such as in-car multimedia systems, fuel tracking, real-time navigation and communication, advanced driver assistance systems (ADAS), speed and acceleration control, and enhanced fleet administration. The automotive and smart transportation industries use the term "integration of fifth-generation wireless technology," or 5G, to refer to the process of enhancing the connectivity, efficiency, and security of transportation systems. The growing need for real-time connectivity is a major factor driving the 5G market in the smart transportation and automotive industries. Due to cutting-edge technologies like intelligent traffic management systems, autonomous vehicles, and vehicle-to-vehicle (V2V) communication, high-speed, low-latency, and trustworthy connectivity are more crucial than ever. Real-time data communication between autonomous vehicles and their surroundings is necessary to guarantee safe and efficient driving. However, Manufacturers spend large costs as a result of using 5G technology in smart transportation and automotive applications, which raises the product's overall cost. This factor drives up consumer spending and reduces manufacturers' profit margins, which might restrict the growth of the 5G automobile and smart transportation market.
Browse key industry insights spread across 210 pages with 105 Market data tables and figures & charts from the "Global 5G in Automotive and Smart Transportation Market Size, Share, and COVID-19 Impact Analysis By Solution (Hardware components, Software solutions, and Services), By Applications (Vehicle-to-everything(V2X), Infotainment and telematics, Fleet management), By End-User (Automotive, Defense, Transportation infrastructure, Warehousing and logistics, Public Safety, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The hardware components segment is anticipated to hold the greatest share of the global 5G in the automotive and smart transportation market during the projected timeframe.
On the basis of solutions, the global 5G in the automotive and smart transportation market is divided into hardware components, software solutions, and services. Among these, the hardware components segment is anticipated to hold the greatest share of the global 5G in the Automotive and Smart Transportation market during the projected timeframe. The primary factor driving the rise in hardware components is the rapid expansion of 5G networks worldwide, which requires huge expenditures in infrastructure such as small cells, antennas, and network equipment.
The vehicle-to-everything (V2X) segment is predicted to hold the greatest share of the global 5G in the automotive and smart transportation market during the estimated period.
On the basis of application, the global 5G in the automotive and smart transportation market is divided into vehicle-to-everything, infotainment and telematics, and fleet management. Among these, the vehicle-to-everything (V2X) segment is predicted to hold the greatest share of the global 5G in the automotive and smart transportation market during the estimated period. Vehicle-to-everything (V2X) technology connects cars to infrastructure, like traffic lights and signs, to improve road safety and reduce congestion. Vehicles can transmit information such as position, speed, and direction, which enables drivers to make informed decisions.
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North America is expected to hold the largest share of the global 5G in the automotive and smart transportation market over the forecast period.
North America is expected to hold the largest share of the global 5G in the automotive and smart transportation market over the forecast period. In addition to robust government programs and state-of-the-art infrastructure, North America is driven by leading automotive and technology industries. According to Federal Communications Commission (FCC) reports, big carriers such as Verizon, AT&T, and T-Mobile are setting the standard for 5G network deployment in the United States.
Asia Pacific is predicted to grow at the fastest pace in the global 5G automotive and smart transportation market during the projected timeframe. The Asia Pacific region is being driven by important regions for automotive manufacturing, huge financial commitments towards smart city initiatives, and an increasing population rate.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global 5G in automotive and smart transportation market include Audi Group, BMW Group, Qualcomm Technologies Inc., Vodafone Limited, Daimler AG, Volkswagen, Telefónica S.A., Verizon, Mercedes-Benz, Huawei Device Co. Ltd., Robert Bosch GmbH, Deutsche Telekom AG, Telefonaktiebolaget LM Ericsson, Nokia, and Others.
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Recent Developments
In January 2024, Qualcomm Technologies announced at the CES show a range of automotive solutions built on the Snapdragon Digital Chassis platform. Better driver assistance, automated driving systems, connected car technologies, and future digital cockpits are all supported by these components.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global 5G in the automotive and smart transportation market based on the below-mentioned segments:
Global 5G in Automotive and Smart Transportation Market, By Solution
- Hardware components
- Software solutions
- Services
Global 5G in Automotive and Smart Transportation Market, By Application
- Vehicle-to-everything (V2X)
- Infotainment and telematics
- Fleet management
Global 5G in Automotive and Smart Transportation Market, By End User
- Automotive
- Defense
- Transportation infrastructure
- Warehousing and logistics
- Public safety
- Others
Global 5G in Automotive and Smart Transportation Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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