According to a new report, published by KBV research, The Global 5G in Automotive and Smart Transportation Market size is expected to reach $17.4 billion by 2031, rising at a market growth of 28.3% CAGR during the forecast period.
The Hardware Components segment is anticipating a CAGR of 28.7% during (2024 - 2031). This performance is attributed to hardware components' critical role in enabling 5G connectivity and smart transportation solutions. Essential hardware elements, including 5G-enabled sensors, communication modules, and advanced onboard units, are integral to developing and deploying connected vehicles and smart transportation infrastructure. These components facilitate real-time data exchange, enhance vehicle-to-everything (V2X) communication, and support advanced driver-assistance systems (ADAS), driving the demand for robust and reliable hardware solutions.
The Vehicle-to-Everything segment is leading the Global 5G in Automotive and Smart Transportation Market by Application in 2023; thereby, achieving a market value of $6.9 billion by 2031. V2X technology allows cars to communicate with infrastructure (V2I), with pedestrians (V2P), and with each other (V2V). This improves traffic control, safety, and the driving experience in general. The low latency and high-speed connectivity provided by 5G are crucial for real-time decision-making, such as collision avoidance, traffic signal optimization, and accident detection. V2X technology is becoming a major factor propelling market expansion as the need for improved road safety features, smart city infrastructure, and autonomous driving grows.
The Transportation Infrastructure segment shows a CAGR of 28% during (2024 - 2031). This is due to the increasing integration of 5G technology into smart city initiatives and infrastructure projects. 5G enables enhanced traffic management, efficient public transportation, and improved communication between vehicles and infrastructure, which is essential for modernizing transportation systems. As governments and municipalities focus on building smarter and more efficient cities, the demand for 5G-equipped transportation infrastructure has surged, contributing significantly to this segment’s growth.
Full Report: https://www.kbvresearch.com/5g-in-automotive-and-smart-transportation-market/
The North America region dominated the Global 5G in Automotive and Smart Transportation Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $6.1 billion by 2031. The Europe region is experiencing a CAGR of 28.1% during (2024 - 2031). Additionally, The Asia Pacific region would exhibit a CAGR of 28.9% during (2024 - 2031).
By Solution
By Application
By Industry
By Geography
Unique Offerings 
