PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1340664
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1340664
The 5G in automotive market is expected to grow at a CAGR of 50.23% during the forecast period.
The 5G in the automotive industry market is driven by the demand for connected car technology, multimedia services, software-defined vehicles, and government initiatives to curb road accidents and improve road safety that leverage the high-speed and low-latency network. 5G technology can enable EVs and NEVs to have features such as real-time navigation, infotainment systems, advanced driver-assistance systems, fleet management, and vehicle-to-everything (V2X) communication solutions that can improve the safety, convenience, and entertainment of drivers and passengers. Moreover, fast chargers can reduce the charging time and range anxiety for EVs and NEVs users, making them more competitive and appealing than conventional vehicles.
China is one of the leading countries in the world in terms of 5G network deployment and application. For instance, according to the report "Global EV Outlook 2022" released by International Energy Agency, the fast publicly accessible chargers in China were 215 thousand in 2019, 309 thousand in 2020, and 470 thousand in 2021. This demonstrates the nation's commitment to assisting the switch to electric mobility since it is one of the world's largest electric vehicle charging networks. Fast chargers can offer new services and capabilities through 5G connectivity, reducing EV owners' charging time and concerns. The rising China's deployment of fast, publicly accessible chargers can boost the growth of 5G in the automotive industry by providing additional options and convenience for EV owners. Additionally, the development of fast chargers can foster cross-industry collaboration for intelligent and connected vehicles.
The 5G in automotive market is driven by the demand for connected car technology that offers real-time navigation, infotainment, driver assistance, and fleet management features. It also benefits from the adoption of multimedia services in passenger transportation and the trend of software-defined vehicles that enable subscription-based or on-demand services and enhanced safety. Moreover, the government initiatives to improve road safety by using V2X communication solutions also boost the market growth.
By component, the 5F in automotive industry market is segmented into hardware, software, and services. These segments of the 5G in automotive industry market are witnessing various innovations and collaborations from different players in the industry.
For instance,
The global 5G in automotive market consists of major countries making efforts to secure their 5G network. Americas is expected to have a higher CAGR during the forecasted period. In addition, a few major countries include the USA, Japan, South Korea, China, United Kingdom, and Germany. The nations have undertaken various steps further complementing the overall market growth. For instance,
Some of the leading players in the market include Ericsson and Verizon among others. The product offerings of the major corporation include the following.