5G in Automotive Market Set to Reach $31.18 Billion by 2034, Driven by Growing Demand for Connected and Autonomous Vehicles

The global 5G in automotive market is expected to grow significantly, increasing from USD 2.58 billion in 2024 to USD 31.18 billion by 2034, representing a strong compound annual growth rate (CAGR) of 28.32%. This growth is being fueled by the rising need for connected vehicles, advancements in autonomous driving technologies, and growing emphasis on road safety.

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Vehicle-to-everything (V2X) communication is expected to be the largest application segment, as automakers look to improve communication between vehicles, infrastructure, and pedestrians to enhance safety and navigation. In-car infotainment systems are anticipated to be the fastest-growing segment, supported by increasing consumer interest in seamless connectivity and entertainment on the go.

Autonomous driving, real-time navigation, and advanced driver-assistance systems (ADAS) are key areas where 5G is making an impact. The low latency and high-speed capabilities of 5G enable real-time data sharing, which is essential for the safe and efficient operation of self-driving cars.

North America is currently leading the market due to early 5G adoption and strong automotive manufacturing, while Asia Pacific is projected to be the fastest-growing region, supported by rapid infrastructure development and increasing investments in smart city initiatives.

According to industry experts, one of the most significant drivers of this market is the growing demand for connectivity in autonomous vehicles. 5G provides the speed and reliability required for real-time communication between vehicles and infrastructure. The U.S. Department of Transportation, for example, has committed $1.5 billion to build smart transportation systems that include 5G-enabled vehicle networks. Automakers like BMW have already started integrating 5G into their electric vehicles to support autonomous features.

However, the market also faces challenges. Infrastructure limitations and regulatory hurdles may slow adoption in some regions. In countries with less developed 5G infrastructure, rural coverage remains low. Moreover, differing regulations across countries-such as strict data privacy laws in the European Union-add to the complexity and cost for automakers.

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Market Segmentation Highlights:

By Product Type:

V2X Communication Systems are projected to be the largest product type, reaching USD 12 billion by 2034 with a 30% CAGR. EU mandates for V2X in new vehicles are expected to accelerate growth.

In-Car Infotainment Systems will see the fastest growth, with a projected 32% CAGR, driven by consumer demand for better in-vehicle experiences.

By Application:

Autonomous Driving will lead with an expected USD 8 billion market size by 2034, growing at 29% CAGR.

Real-Time Navigation is the fastest-growing application, with a 33% CAGR, fueled by the need for up-to-date navigation services.

By End User:

Passenger Vehicles dominate the market, projected to reach USD 20 billion by 2034, with a 28% CAGR.

Commercial Vehicles are the fastest-growing end-user segment, growing at 30% CAGR, as fleet managers increasingly adopt 5G for improved operations.

5G In Automotive Competitive Strategies & Notable Developments

Part 1: Top 10 Companies

Qualcomm: USD 2 billion revenue from 5G automotive solutions in 2024; leading market position due to strong R&D capabilities.

Ericsson: USD 1.5 billion revenue from 5G automotive solutions in 2024; leading market position due to strong regulatory support.

Huawei: USD 1 billion revenue from 5G automotive solutions in 2024; leading market position due to strong infrastructure development.

Nokia: USD 500 million revenue from 5G automotive solutions in 2024; leading market position due to strong regulatory support.

Samsung: USD 400 million revenue from 5G automotive solutions in 2024; leading market position due to strong R&D capabilities.

Intel: USD 300 million revenue from 5G automotive solutions in 2024; leading market position due to strong R&D capabilities.

ZTE: USD 200 million revenue from 5G automotive solutions in 2024; leading market position due to strong infrastructure development.

Cisco: USD 100 million revenue from 5G automotive solutions in 2024; leading market position due to strong R&D capabilities.

AT&T: USD 50 million revenue from 5G automotive solutions in 2024; leading market position due to strong regulatory support.

Verizon: USD 25 million revenue from 5G automotive solutions in 2024; leading market position due to strong regulatory support.

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5G In Automotive Market Segmentation

By Product Type

V2X Communication Systems

In-Car Infotainment Systems

Telematics Control Units

Advanced Driver-Assistance Systems (ADAS)

By Application

Autonomous Driving

Real-Time Navigation

Vehicle Safety and Security

Fleet Management

By End User

Passenger Vehicles

Commercial Vehicles

By Technology

5G New Radio (NR)

Cellular Vehicle-to-Everything (C-V2X)

By Distribution Channel

OEMs

Aftermarket

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