Currently valued at US$ 1.49 billion, the global 5G in Automotive and Smart Transportation Market is predicted to grow to a US$ 9.77 billion market by the year 2030, according to a thorough market study. From 2022 to 2030, demand for 5G in the automotive and smart transportation sectors is expected to grow at an astounding CAGR of 26.5%.
| 5G in Automotive and Smart Transportation Market Size (2022) | US$ 1.49 Bn |
| Estimated Market Worth (2030) | US$ 9.77 Bn |
| Global Market Growth Rate (2022-2030) | 26.5% CAGR |
| Automotive Industry Market Share | 35.2% |
It is projected that as modern technologies, such as 5G and IoT, increasingly permeate the automotive and transportation industries, industry participants will have access to lucrative income prospects. The market is poised for strong development during the assessment period as automotive manufacturers take advantage of both the supply-side and demand-side benefits provided by the incorporation of 5G technology in autos.
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The 5G technology has enabled manufacturers to deliver advanced features in vehicles such as fuel tracking, Advanced Driver-Assistance Systems (ADAS), real-time navigation and communication, in-vehicle infotainment systems, speed and cruise control, and improved fleet management, among others. Likewise, service providers are focusing on enhancing the vehicle-to-everything (V2X) communication solutions to improve road safety and lower the incidence of road accidents.
On these lines, as national governments across the world take measures to curb road accidents, integration of real-time navigation backed by 5G has emerged as an ideal solution, which is expected to further fuel the adoption. Besides, the increasing adoption of multimedia services in the passenger-transportation sector and the subsequent demand for high bandwidth networks to support them will continue to bolster the growth of 5G in the automotive and smart transportation market.
FMI in a recent study has projected that the global 5G in the automotive and smart transportation market will rise in value at a stellar CAGR of ~26.5% between 2022 and 2030. Some of the key takeaways from the report are:
- The market is anticipated to surge past a global valuation of US$ 9.77 Bn by the end of 2030
- On the basis of solutions, the hardware components are poised to account for the majority of the market share, owing to the surging adoption of On-Board Units (OBU) across numerous applications
- By application, the fleet management sub-segment is poised to hold the lion’s share in the market value backed by high demand in the commercial vehicle sector
- The Vehicle-to-Everything (V2X) application, on the other hand, is projected to grow at a tremendous value CAGR of ~30% on the back of growing emphasis on producing connected vehicles
- By region, North America, forefronted by the US, is forecasted to prevail as the leading regional market backed by growing collaborations between service providers headquartered in the region and automotive manufacturers
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COVID-19 Impact on 5G in Automotive and Smart Transportation Market
The unforeseen outbreak of COVID-19 is expected to create fluctuations in the growth of the market, but the long-term growth prospects are expected to remain unhinged. In early 2020, governments in the East Asian region, a prominent regional market, implemented nationwide lockdowns to contain the swiftly mounting rate of infections. As a result, manufacturing in the automotive sector came to screeching health, consequently bringing down the sales of automobiles. Along similar lines, the COVID-19 also posed a challenge to the wide rollout of 5G networks, thus hindering its adoption in the automotive sector. While the downtrend prevailed through the first quarter, the revamp of the automotive market began from the end of the second quarter, ensuring that the healthy growth of the market remains intact.
Who is winning?
Players operating in the 5G in the automotive and smart transportation market are opting for long-term investments directed towards upgrading new revenue streams, such as Wi-Fi 6, the next-generation standard in WiFi technology, and automotive intelligence to strengthen their foothold. Furthermore, players are launching novel technologies and are entering collaborations to gain a competitive edge:
- In Jan 2020, Qualcomm Technologies, Inc. launched a Car-to-Cloud Service powered by 5G to help automakers keep cockpit and telematics systems up-to-date.
- Around the same time, Verizon announced a partnership with HERE Technologies to collaborate on the development of safety and navigational systems in connected cars.
FMI’s report includes profiles of some of the most prominent names in the market including AUDI AG, BMW AG, Robert Bosch GmbH, Deutsche Telekom AG, Telefonaktiebolaget LM Ericsson, Huawei Device Co., Ltd., Daimler AG, Nokia, Qualcomm Technologies, Inc., Telefónica S.A., Verizon, Vodafone Limited, and Volkswagen
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Key Segments of 5G in Automotive and Smart Transportation Industry Survey
5G in Automotive and Smart Transportation Market by Solution:
- Hardware Components
- Telematics Control Units (TCUs)
- Roadside Units (RSUs)
- Onboard Units (OBUs)
- Software Solutions
- Services
- Consultation Services
- Integration & Installation Services
- Maintenance & Support Services
5G in Automotive and Smart Transportation Market by Application:
- 5G Technology for Vehicle-to-Everything (V2X)
- 5G Technology for Infotainment & Telematics
- 5G Technology for Fleet Management
5G in Automotive and Smart Transportation Market by Industry:
- 5G Technology in Automotive
- 5G Technology in Defence
- 5G Technology in Transportation Infrastructure (Highways etc.)
- 5G Technology in Warehousing & Logistics
- 5G Technology in Public Safety
- Others
5G in Automotive and Smart Transportation Market by Region:
- North America 5G in Automotive and Smart Transportation Market
- Latin America 5G in Automotive and Smart Transportation Market
- Europe 5G in Automotive and Smart Transportation Market
- East Asia 5G in Automotive and Smart Transportation Market
- South Asia & Pacific 5G in Automotive and Smart Transportation Market
- Middle East & Africa (MEA) 5G in Automotive and Smart Transportation Market
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About FMI
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