The North America 5G in Automotive and Smart Transportation Market is expected to witness market growth of 27.6% CAGR during the forecast period (2024-2031).
The US market dominated the North America 5G in Automotive and Smart Transportation Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $4.34 billion by 2031. The Canada market is experiencing a CAGR of 30.2% during 2024-2031. Additionally, the Mexico market is expected to exhibit a CAGR of 29.3% during 2024-2031.
The automotive and smart transportation sectors have undergone significant transformation over the past few years, fueled by technological innovations, automation, and connectivity innovations. One of the most pivotal advancements that are reshaping the future of these industries is 5G technology.
Additionally, 5G promises to deliver unparalleled speed, low latency, and vast connectivity, which are essential for the evolving needs of modern transportation systems. With the ability to enable real-time communication and data exchange, 5G in automotive and smart transportation can enhance safety, reduce congestion, lower emissions, and deliver more efficient services.
The rise in new vehicle registrations in Canada and the growing autonomous vehicle sector in the United States are key drivers propelling the market's growth. According to Statistics Canada, the second quarter of 2024 saw Canadians register 511,173 new motor vehicles, the highest since before the COVID-19 pandemic and a 7.9% increase from the same period in 2023. Meanwhile, the Insurance Institute for Highway Safety predicts that by 2025, there will be 3.5 million autonomous cars on American roads, and by 2030, there will be 4.5 million. These trends indicate a substantial shift towards more advanced and connected vehicle technologies, where 5G will play a crucial role.
The US market dominated the North America 5G in Automotive and Smart Transportation Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $4.34 billion by 2031. The Canada market is experiencing a CAGR of 30.2% during 2024-2031. Additionally, the Mexico market is expected to exhibit a CAGR of 29.3% during 2024-2031.
The automotive and smart transportation sectors have undergone significant transformation over the past few years, fueled by technological innovations, automation, and connectivity innovations. One of the most pivotal advancements that are reshaping the future of these industries is 5G technology.
Additionally, 5G promises to deliver unparalleled speed, low latency, and vast connectivity, which are essential for the evolving needs of modern transportation systems. With the ability to enable real-time communication and data exchange, 5G in automotive and smart transportation can enhance safety, reduce congestion, lower emissions, and deliver more efficient services.
The rise in new vehicle registrations in Canada and the growing autonomous vehicle sector in the United States are key drivers propelling the market's growth. According to Statistics Canada, the second quarter of 2024 saw Canadians register 511,173 new motor vehicles, the highest since before the COVID-19 pandemic and a 7.9% increase from the same period in 2023. Meanwhile, the Insurance Institute for Highway Safety predicts that by 2025, there will be 3.5 million autonomous cars on American roads, and by 2030, there will be 4.5 million. These trends indicate a substantial shift towards more advanced and connected vehicle technologies, where 5G will play a crucial role.
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
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 Country
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. North America 5G in Automotive and Smart Transportation Market by Solution
Chapter 6. North America 5G in Automotive and Smart Transportation Market by Application
Chapter 7. North America 5G in Automotive and Smart Transportation Market by Industry
Chapter 8. North America 5G in Automotive and Smart Transportation Market by Country
Chapter 9. Company Profiles
Companies Mentioned
- 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
Methodology
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