NEW YORK, United States, July 24, 2024 (GLOBE NEWSWIRE) — The global 5G in automotive and smart transportation market size is expected 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 forecast period.
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“5G in automotive and smart transportation” refers to the integration of 5G communication technology into automobiles and transportation. Manufacturers are moving to provide better features such as in-vehicle multimedia systems, fuel tracking, real-time navigation and communication, advanced driver assistance systems (ADAS), speed and acceleration control, and enhanced vehicle management. The automotive and smart transportation industry uses the term “integration of fifth-generation wireless technology,” or 5G, to refer to the process of enhancing connectivity, efficiency, and security in transportation systems. The growing need for real-time connectivity is the main factor driving the 5G market in smart transportation and automotive industry. With cutting-edge technologies such as intelligent traffic management systems, autonomous vehicles, and vehicle-to-vehicle (V2V) communication, high-speed, low-latency, and reliable connectivity is more important than ever. Real-time data communication between autonomous vehicles and their surroundings is necessary to ensure safe and efficient driving. However, manufacturers are spending a lot of money to use 5G technology in smart transportation and automotive applications, which is driving up the overall cost of the product. This factor could increase consumer spending, reduce manufacturer profit margins, and limit the growth of the 5G automotive and smart transportation market.
Browse 210 pages of key industry insights and see 105 market data tables, charts and graphs. “Global 5G in Automotive and Smart Transportation Market Size, share, COVID-19 impact analysis by solution (hardware components, software solutions, services), application (V2X, infotainment and telematics, fleet management), end user (automotive, defense, transportation infrastructure, warehousing and logistics, public safety, others), and region (North America, Europe, Asia Pacific, Latin America, Middle East, Africa), analysis and forecast, 2023-2033.
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The hardware components segment is expected to account for the largest share of the global 5G in automotive and smart transportation market during the forecast period.
Based on solution, the global 5G in automotive and smart transportation market is bifurcated into hardware components, software solutions, and services. Of these, the hardware components segment is expected to account for the largest share of the global 5G in automotive and smart transportation market during the forecast period. The key factor driving the increase in hardware components is the rapid expansion of 5G networks across the world, which requires significant spending on infrastructure such as small cells, antennas, and network equipment.
The vehicle-to-everything (V2X) segment is expected to account for the largest share in the global 5G in automotive and smart transportation market during the estimated period.
Based on application, the global 5G in automotive and smart transportation market is bifurcated into vehicle-to-everything, infotainment & telematics, and fleet management. Of these, the vehicle-to-everything (V2X) segment is projected to account for the largest share of the global 5G in automotive and smart transportation market during the estimated period. Vehicle-to-everything (V2X) technology connects vehicles to infrastructure such as traffic lights and signs, improving road safety and reducing congestion. Vehicles can transmit information such as location, speed, and direction, allowing drivers to make informed decisions.
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North America is expected to account for the largest share of the global 5G in automotive and smart transportation market during the forecast period.
North America is expected to account for the largest share of the global 5G in automotive and smart transportation market during the forecast period. Along with strong government programs and state-of-the-art infrastructure, North America is driven by leading automotive and technology industries. As per a Federal Communications Commission (FCC) report, leading telecommunications operators such as Verizon, AT&T, and T-Mobile are setting the standard for 5G network deployment in the US.
Asia Pacific is expected to grow at the fastest pace in the global 5G automotive and smart transportation market during the forecast period, driven by a significant geography of automotive manufacturing, huge investments in smart city initiatives, and population growth rate.
Competitive Analysis:
The report provides a proper analysis of the key organizations/companies involved in the global market and a comparative assessment based mainly on product offerings, business overview, geographical presence, corporate strategies, segment market share, and SWOT analysis. The report also provides a detailed analysis focusing on the current news and developments of the companies, including product development, innovations, joint ventures, partnerships, mergers and acquisitions, and strategic alliances. This allows for an assessment of the overall competition within the market. Key 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 SA, Verizon, Mercedes-Benz, Huawei Device Co. Ltd., Robert Bosch GmbH, Deutsche Telekom AG, Telefonaktiebolaget LM Ericsson, and Nokia.
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Recent developments
January 2024, At the CES show, Qualcomm Technologies unveiled a range of automotive solutions built on the Snapdragon Digital Chassis platform. Better driver assistance, autonomous driving systems, connected car technology and future digital cockpits will all be supported by these components.
Market Segments
The study forecasts global, regional and country-level revenue from 2020 to 2033. Spherical Insights categorizes the global 5G in automotive and smart transportation market based on the following segments:
Global 5G in Automotive and Smart Transportation Market, by Solution
- Hardware Components
- Software Solutions
- service
Global 5G in Automotive and Smart Transportation Market, by Application
- Vehicle-to-Vehicle Communication (V2X)
- Infotainment and Telematics
- Vehicle Management
Global 5G in Automotive and Smart Transportation Market, by End User
- car
- defense
- Transport Infrastructure
- Warehousing and Logistics
- Public Security
- others
Global 5G in Automotive and Smart Transportation Market, Regional Analysis
- North America
- Europe
- Germany
- England
- France
- Italy
- Spain
- Russia
- Other Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- south america
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- United Arab Emirates
- Saudi Arabia
- Qatar
- South Africa
- Other Middle East and Africa
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