The 5G in Automotive and Smart Transportation Market is Predict to reach USD 17.4 Billion by 2031, at a CAGR of 28.3%

5G in Automotive and Smart Transportation Market Growth, Trends and Report Highlights

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).

List of Key Companies Profiled

• BMW AG
• Robert Bosch GmbH
• Cisco Systems, Inc.
• Vodafone Group Plc
• Nokia Corporation
• Qualcomm Incorporated (Qualcomm Technologies, Inc.)
• Telefónica S.A.
• Verizon Communications, Inc.
• Toyota Motor Corporation
• Ericsson AB

5G in Automotive and Smart Transportation Market Report Segmentation

By Solution

• Software Solutions
• Hardware Components
  • Telematics Control Units (TCUs)
  • Roadside Units (RSUs)
  • Onboard Units (OBUs)
• Services
  • Integration & Installation Services
  • Consultation Services
  • Maintenance & Support Services

By Application

• Vehicle-to-Everything
• Infotainment & Telematics
• Fleet Management

By Industry

• Automotive
• Transportation Infrastructure
• Warehousing & Logistics
• Defense
• Public Safety & Other Industry

By Geography

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Related Reports:

North America 5G in Automotive and Smart Transportation Market Size 2031

• December-2024
• 150 Pages

LAMEA 5G in Automotive and Smart Transportation Market Size 2031

• December-2024
• 171 Pages

Europe 5G in Automotive and Smart Transportation Market Size 2031

• December-2024
• 171 Pages

Asia Pacific 5G in Automotive and Smart Transportation Market Size 2031

• December-2024
• 171 Pages