The 5G in automotive and smart transportation market is expected to reach from US$ 2.02 billion in 2023 to US$ 41.78 billion by 2033. The market is expected to register a 35.4% CAGR from 2023 to 2033.
The rising demand for high-speed data connectivity for unified Internet of Things (IoT) applications like smart home energy management is expected to drive the market
Fuel tracking, Advanced Driver-Assist Systems (ADAS), real-time navigation and communication, in-vehicle multimedia systems, speed and cruise control, and improved fleet management, among other features, have been made possible by 5G technology. Similarly, service providers are concentrating on improving vehicle-to-everything (V2X) communication systems to increase road safety and reduce incidents of accidence.
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As national governments around the world take steps to reduce road accidents, the integration of real-time navigation powered by 5G has emerged as an attractive solution, which is likely to accelerate adoption. Furthermore, the growing adoption of multimedia services in the passenger transportation sector, as well as the resulting demand for high bandwidth networks to support them, may drive the expansion of 5G in the automotive and smart transportation markets.
Growing emphasis of 5G system integration providers on forming agreements with telecom operators is expected to boost the usage of these services. As part of their attempts to remain competitive in a highly competitive climate, several industry verticals are focused on technology changes to boost overall productivity and operational efficiency.
The 5G wireless technology has the potential to assist in realizing dramatic transformations across all these verticals by lowering overall costs and increasing productivity. The continuing focus on enhancing energy monitoring and management, as well as obtaining greater control of the energy generating and distribution network, is likely to drive market expansion throughout the projection period.
Key Points from the 5G in Automotive and Smart Transportation Market
- Increasing engagement from top automotive and telecom firms, an increase in connected vehicles, and increased internet penetration are the key drivers predicted to drive the 5G in automotive and smart transportation market during the forecast period.
- 5G in automotive and smart transportation market is expected to record a CAGR of 35.4% during the forecast period 2023 to 2033.
- North America dominated the 5G in automotive and smart transportation market.
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Key Development in the 5G in Automotive and Smart Transportation Market
- March 2019 – Qualcomm unveiled the first 5G Dual SIM Dual Active and New 4G LTE-Advanced Pro-Tiered Platform Suite for the Automobile Industry, with C-V2X Optimized and Customized Location Support for Next-Generation Vehicles.
- January 2020 – Qualcomm Technologies, Inc. developed a Car-to-Cloud Service powered by 5G to assist manufacturers in keeping cockpit and telematics systems up to date.
- February 2021 – AT&T announced a collaboration with Microsoft cooperation, which connects the AT&T 5G Network with the Azure Private MEC and builds on the two companies’ current edge work. On the other hand, the AT&T Private 5G Edge is intended to be an integrated platform that provides embedded applications and connectivity through a single platform, employing AT&T and CBRS spectrum as needed to meet customer needs.
- November 2022 – Nokia Corporation announced that Bali tower extends its relationship with Nokia by utilizing Nokia mobile transport solutions and services to upgrade its operations, network architecture, and reliability to deliver expanded 5G services to its customers while improving user experience, lowering total cost of ownership, and preparing the nationwide network for 5G.
Key Segments Covered
By Solution:
- Hardware Components
- Software Solutions
- Services
By Application:
- Vehicle-to-Everything
- Infotainment & Telematics
- Fleet Management
By Industry:
- Automotive
- Defense
- Transportation Infrastructure (Highways, etc.)
- Warehousing & Logistics
- Public Safety
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East & Africa
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