5G in Automotive and Smart Transportation Market is Estimated to Surge to a Valuation of US$ 9.77 Bn by the End of 2030

The global 5G in automotive and smart transportation market is worth US$ 1.49 Bn at present, and detailed market analysis reveals that it is estimated to surge to a valuation of US$ 9.77 Bn by the end of 2030. Demand for 5G in automotive and smart transportation is predicted to rise at a phenomenal CAGR of 26.5% from 2022 to 2030.

The rising penetration of advanced technologies, including 5G and IoT, into the automotive and transportation sectors is anticipated to bestow lucrative revenue opportunities to market players. As automotive manufacturers leverage both the supply-side and demand-side advantages offered by the integration of 5G technology in automobiles, the market is set for robust growth through the assessment period.

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Some of the key takeaways from the report are:

  • The market is anticipated to surge past a global valuation of US$ 9,500 Mn by the end of 2030
  • On the basis of solutions, the hardware components are poised to account for the majority of the market share, owing to the surging adoption of On-Board Units (OBU) across numerous applications
  • By application, the fleet management sub-segment is poised to hold the lion’s share in the market value backed by high demand in the commercial vehicle sector
  • The Vehicle-to-Everything (V2X) application, on the other hand, is projected to grow at a tremendous value CAGR of ~30% on the back of growing emphasis on producing connected vehicles
  • By region, North America, forefronted by the US, is forecasted to prevail as the leading regional market backed by growing collaborations between service providers headquartered in the region and automotive manufacturers

global 5g in automotive and smart transportation market

“Players operating in the market are directing their efforts towards research and development activities to find solutions to real-time communication challenges and are focusing on enhancing fleet management applications,” remarks FMI analyst.

COVID-19 Impact on 5G in Automotive and Smart Transportation Market

The unforeseen outbreak of COVID-19 is expected to create fluctuations in the growth of the market, but the long-term growth prospects are expected to remain unhinged. In early 2020, governments in the East Asian region, a prominent regional market, implemented nationwide lockdowns to contain the swiftly mounting rate of infections. As a result, manufacturing in the automotive sector came to screeching health, consequently bringing down the sales of automobiles. Along similar lines, the COVID-19 also posed a challenge to the wide rollout of 5G networks, thus hindering its adoption in the automotive sector. While the downtrend prevailed through the first quarter, the revamp of the automotive market began from the end of the second quarter, ensuring that the healthy growth of the market remains intact.

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Who is winning?

Players operating in the 5G in the automotive and smart transportation market are opting for long-term investments directed towards upgrading new revenue streams, such as Wi-Fi 6, the next-generation standard in WiFi technology, and automotive intelligence to strengthen their foothold. Furthermore, players are launching novel technologies and are entering collaborations to gain a competitive edge:

  • In Jan 2020, Qualcomm Technologies, Inc. launched a Car-to-Cloud Service powered by 5G to help automakers keep cockpit and telematics systems up-to-date.
  • Around the same time, Verizon announced a partnership with HERE Technologies to collaborate on the development of safety and navigational systems in connected cars.

FMI’s report includes profiles of some of the most prominent names in the market including AUDI AG, BMW AG, Robert Bosch GmbH, Deutsche Telekom AG, Telefonaktiebolaget LM Ericsson, Huawei Device Co., Ltd., Daimler AG, Nokia, Qualcomm Technologies, Inc., Telefónica S.A., Verizon, Vodafone Limited, and Volkswagen

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To Know More About 5G in Automotive and Smart Transportation Market

A new market research report published by Future Market Insights (FMI) on the global 5G in the automotive and smart transportation market offers an executive-level blueprint of the market. It offers insights into demand trends and provides analysis of opportunities over the forecast period, 2020-2030. The report examines the market through four different segments – application, solution, industry, and region. The report also provides extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the supply and product adoption across several end-use industries.

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