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.
Fuel tracking, Advanced driver-assisted 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 accidents.
Request for a Sample of this Research Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-12541
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.
The 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 Report:
The 5G in Automotive and Smart Transportation Market is poised for significant growth, driven by heightened involvement from leading automotive and telecom companies, a rise in connected vehicles, and increased internet penetration. Forecasted to achieve a compound annual growth rate (CAGR) of 35.4% from 2023 to 2033, this market is set to expand rapidly. North America currently leads the market, underscoring its dominance in the adoption and integration of 5G technology within the automotive and smart transportation sectors.
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 Companies in the Market:
Key players in the 5G in automotive and smart transportation market include major automotive manufacturers like Audi Group, BMW Group, Daimler AG, Mercedes-Benz, and Volkswagen, as well as tech and telecom giants such as Robert Bosch GmbH, Deutsche Telekom AG, Ericsson, Huawei, Nokia, Qualcomm Technologies Inc., Telefónica S.A., Verizon, and Vodafone Limited. These companies are leading the integration of 5G technology into vehicles and transportation infrastructure, driving advancements in connectivity, autonomous driving, and smart city solutions.
