Summary

The 5G in automotive and smart transportation market is expected to grow at a strong CAGR of around 30% during the forecast period owing to the burgeoning adoption of electric vehicles globally. An electric vehicle sometimes called Battery Electric Vehicle (BEV) has an electric motor as an engine instead of a combustion engine, which is charged by a battery or other energy source. The electric vehicle has the potential to propel the 5G in the automotive and smart transportation market by enabling communication technologies, and connectivity features. These vehicles consist of a large number of sensors, cameras, and communication modules which required fast internet connectivity and low latency for better operation, which is provided by 5G technology. Moreover, the 5G technology provides real-time communications between vehicles, infrastructure, and the cloud, this connectivity facilitated the applications such as ADAS, V2V, and V2I communication. Additionally, with the connectivity of 5G technology electric vehicles communicate with traffic management systems in real-time, in which vehicles have access to real-time road conditions and enhanced route suggestions from the cloud by optimizing their navigation system. Hence, the city has a more efficient traffic system and reduces congestion, and provides better safety.

For instance, in 2023, according to the report published by EV volumes, the global sale of electric vehicles of 10.5 million in 2022, an increase of +55 % compared to 2021. Therefore, the growing adoption of electric vehicles propels the demand for 5G in the automotive and smart transportation market in the coming years.

Some of the major players operating in the market include Audi AG, Robert Bosch GmbH, BMW Group, Deutsche Telekom AG, Huawei Technologies Co., Ltd., Mercedes Benz, Nokia, Qualcomm Technologies, Inc., Verizon, and Vodafone Group Plc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
“Amongst solutions, the hardware segment held a dominating share of the market in 2021”
Based on solution, the market is segmented into hardware, software, and services. The hardware category is currently dominating the market and is expected to see the same trend in the forecast period. The major factor attributing to the growth of the segment is the deployment of 5G networks all over the world which requires significant investments in infrastructure such as network equipment, small cells, and antennas. The segment consists of various components such as user equipment, radio access points, and base stations which are essential for the deployment of 5G networks. Moreover, due to increasing demand for high-speed connectivity and the need for efficient transportation have increased the demand for the hardware segment in 5G in the automotive and smart transportation market in coming years.

“Amongst applications, the vehicle-to-everything held the leading segment of the market in 2021”
Based on application, the market is segmented into vehicle-to-everything, infotainment and telematics, and fleet management. The vehicle-to-everything is currently the leading segment and is expected to dominate the segment in the forecast period. In addition to communicating with each other vehicles and infrastructures, such as traffic lights, road signs, and GPS systems, V2X technology enhances road safety and reduces traffic congestion. The technology also enables vehicles to share information like speed, location, and direction, enabling them to make more informed driving decisions.

“North America dominated the 5G in automotive and smart transportation market in 2021”
The North America region is projected to be the fastest growing region in the forecast period as the region is going through the heavy automotive expanding industry with major big giants such as General Motors, Tesla, and others. The region is the IT hub that continuously develops new and advanced technologies to support the incremental growth of the telecommunication industry by providing funds to stand market. For instance, in April 2023, according to the report published by The Wall Street Journal, reports that the US government started planning for the next generation of wireless communications, known as 6G. The Federal Communications Commission (FCC) has initiated a process to free up spectrum for 6G and has set a goal of having a plan in place by 2023. The FCC has also announced a USD 200 million fund to support the development of 6G technology in the US.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
The global 5G in automotive and smart transportation market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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