The Europe 5G in Automotive and Smart Transportation Market would witness market growth of 28.1% CAGR during the forecast period (2024-2031).
The Germany market dominated the Europe 5G in Automotive and Smart Transportation Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,172.4 million by 2031. The UK market is exhibiting a CAGR of 27% during (2024 - 2031). Additionally, The France market would experience a CAGR of 29.1% during (2024 - 2031).
The uses of 5G in the automotive and smart transportation sectors are varied and far-reaching. These applications enhance vehicle safety and efficiency, contributing to environmental sustainability and improved passenger experiences. By allowing real-time operation of technologies like adaptive cruise control, emergency braking, and collision avoidance, 5G improves car safety.
Additionally, V2X communication allows vehicles to detect traffic hazards, pedestrians, or other vehicles in blind spots, significantly reducing the likelihood of accidents. Real-time traffic data transmitted via 5G can provide drivers with optimized route suggestions, avoiding congested roads and reducing travel time. This is particularly beneficial for autonomous vehicles, which rely on precise navigation to make real-time decisions based on current conditions.
The growing European Union (EU) transportation sector, especially the dominance of maritime and road transport, presents significant opportunities for advancing 5G automotive and smart transportation market. Eurostat said maritime transport accounted for 67.8% of freight transport in the EU in 2022, with road transport following closely at 24.9%. The growing reliance on these transportation forms highlights the need for improved connectivity, real-time data exchange, and automation to maximize regional operations. This demand for smarter, more efficient transport solutions aligns perfectly with the capabilities of 5G technology, which is set to transform the automotive and smart transportation landscapes.
Free Valuable Insights: The Global 5G in Automotive and Smart Transportation Market will Hit USD 17.4 Billion by 2031, at a CAGR of 28.3%
Based on Solution, the market is segmented into Software Solutions, Hardware Components (Telematics Control Units (TCUs), Roadside Units (RSUs), and Onboard Units (OBUs)), and Services (Integration & Installation Services, Consultation Services, and Maintenance & Support Services). Based on Application, the market is segmented into Vehicle-to-Everything, Infotainment & Telematics, and Fleet Management. Based on Industry, the market is segmented into Automotive, Transportation Infrastructure, Warehousing & Logistics, Defense, and Public Safety & Other Industry. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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