Burgeoning Adoption of Connected Vehicle, Favorable Government Policies with Increased IT & Infrastructure Development Propelled the Growth of the 5G in the Automotive and Smart Transportation Market in the North America Region!
- Vikas Kumar
- July 12, 2023
- AUTOMOTIVE, NEWS
- 0 Comments
The North American region would exhibit the highest CAGR during 2022-2030 owing to the rapid growth rate in the automotive industry in the last couple of years. As the region covers the country such as the USA, and Canada that have favorable technological infrastructure, with the leading automotive and telecommunication companies such as General Motors, Tesla, and Verizon respectively which are continuously adding value for the adoption of 5G technology and connected vehicles. For instance, according to the report published by Central for Strategic & International Studies have reported, in the USA 270 million people have access to 5G services further propelling the growth of the market. Additionally, favorable government policies such as the Federal Communications Commission (FCC) of the US have allocated spectrum for the deployment of C-V2X (cellular vehicle-to-everything) technology, which enables vehicles to communicate with other vehicles, infrastructure, and the cloud. The FCC’s initiative is aimed at reducing accidents and increasing road safety by providing real-time information to drivers. Moreover, the growing number of connected vehicles and electric vehicles in the region has spiked the demand in the market. For instance, GM Motors invested USD 2.3 billion in a Lordstown, Ohio plant to mass-produce Ultium battery cells9 through the formation of Ultium Cells LLC, a joint venture with LG Energy Solution, which will ramp up the production of EVs in the country and support the growth of 5G in the automotive and smart transportation market.
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Further, the North America 5G in Automotive and Smart Transportation Market is expected to grow at a strong CAGR during the forecast period (2022-2030). North America is anticipated to emerge as the fastest-growing 5G in automotive and smart transportation market primarily owing to the increased adoption of electric, and connected vehicles in the region. Furthermore, the rapid development and deployment of 5G technology in these countries such as the USA, Canada, and Mexico have gained traction in the market. Additionally, the major automotive manufacturers in the region are taking advantage of several government initiatives that aim to promote the automotive industry. This has further propelled the demand for 5G in automotive and smart transportation market.
- Revenue (2020-2030)- USD Mn
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Based on solutions, the market is segmented into hardware, software, and services. The hardware category is currently dominating the market and is expected to see the same trend in the forecast period. The major factor attributing to the growth of the segment is the deployment of 5G networks all over the world which requires significant investments in infrastructure such as network equipment, small cells, and antennas. The segment consists of various components such as user equipment, radio access points, and base stations which are essential for the deployment of 5G networks. Moreover, due to increasing demand for high-speed connectivity and the need for efficient transportation have increased the demand for the hardware segment in 5G in the automotive and smart transportation market in coming years.
Based on application, the market is segmented into vehicle-to-everything, infotainment and telematics, and fleet management. The vehicle-to-everything is currently the leading segment and is expected to dominate the segment in the forecast period. In addition to communicating with each other vehicles and infrastructures, such as traffic lights, road signs, and GPS systems, V2X technology enhances road safety and reduces traffic congestion. The technology also enables vehicles to share information like speed, location, and direction, enabling them to make more informed driving decisions.
Global 5G in Automotive and Smart Transportation Market Segmentation
Market Insight, by Solution
- Hardware
- Telematics Control Units (TCUs)
- Roadside Units (RSUs)
- On-board Units (OBUs)
- Software
- Services
- Consultation Services
- Integration and Installation Services
- Maintenance and Support Services
Market Insights, by Application
- Vehicle-to-Everything (V2X)
- Infotainment and Telematics
- Fleet Management
Market Insights, by End User
- Automotive
- Defense
- Transportation Infrastructure
- Warehousing and Logistics
- Public Safety
- Others
Market Insight, by Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- APAC
- China
- Japan
- India
- South Korea
- Rest of APAC
- Rest of the World
Top Company Profiles
- Audi AG
- Robert Bosch GmbH
- BMW Group
- Deutsche Telekom AG
- Huawei Technologies Co., Ltd.
- Mercedes Benz
- Nokia
- Qualcomm Technologies, Inc.
- Verizon
- Vodafone Group Plc
