The North America 5G in Automotive and Smart Transportation Market would witness market growth of 27.6% CAGR during the forecast period (2024-2031).
The US market dominated the North America 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 $4,344 million by 2031. The Canada market is experiencing a CAGR of 30.2% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 29.3% during (2024 - 2031).
The automotive and smart transportation sectors have undergone significant transformation over the past few years, fueled by technological innovations, automation, and connectivity innovations. One of the most pivotal advancements that are reshaping the future of these industries is 5G technology.
Additionally, 5G promises to deliver unparalleled speed, low latency, and vast connectivity, which are essential for the evolving needs of modern transportation systems. With the ability to enable real-time communication and data exchange, 5G in automotive and smart transportation can enhance safety, reduce congestion, lower emissions, and deliver more efficient services.
The rise in new vehicle registrations in Canada and the growing autonomous vehicle sector in the United States are key drivers propelling the market's growth. According to Statistics Canada, the second quarter of 2024 saw Canadians register 511,173 new motor vehicles, the highest since before the COVID-19 pandemic and a 7.9% increase from the same period in 2023. Meanwhile, the Insurance Institute for Highway Safety predicts that by 2025, there will be 3.5 million autonomous cars on American roads, and by 2030, there will be 4.5 million. These trends indicate a substantial shift towards more advanced and connected vehicle technologies, where 5G will play a crucial role.
Free Valuable Insights: The 5G in Automotive and Smart Transportation Market is Predict to reach 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 U.S., Mexico, Canada, and Rest of North America.
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