5G-ready Telematics Control Units (TCU) Market
The market for 5G-ready Telematics Control Units is expected to grow from its value of US$ 2,497.5 Mn in 2022 to US$ 33,105.5 Mn by the end of 2033. The market for 5G-capable telematics control units is estimated to reach US$ 3,121.9 million in 2023 and grow at a CAGR of 26.6% from 2023 to 2033.
The 5G-ready telematics control units (TCU) market refers to the industry that produces and sells TCUs that are capable of operating on 5G networks. Telematics control units are electronic devices that enable communication between a vehicle and a remote server, allowing for features such as vehicle tracking, remote diagnostics, and over-the-air updates.
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The adoption of 5G technology is expected to significantly enhance the capabilities of telematics control units, enabling faster and more reliable communication between vehicles and servers. This is expected to lead to a range of new applications and services, including advanced driver assistance systems, vehicle-to-vehicle communication, and autonomous driving.
The global 5G-ready telematics control units market is expected to experience significant growth in the coming years, driven by the increasing demand for connected cars and the growing popularity of electric vehicles. The market is also being driven by regulatory mandates, such as the European Union’s eCall regulation, which requires all new cars to be equipped with an automatic emergency call system by 2022.
The Asia-Pacific region is expected to be the largest market for 5G-ready telematics control units, driven by the presence of major automotive manufacturers and the growing adoption of electric vehicles. North America and Europe are also significant markets, driven by the presence of established automotive companies and the high demand for connected car services.
The 5G-ready telematics control units market faces challenges such as the high cost of TCUs and the need for reliable network coverage. However, the market also offers opportunities for innovation and collaboration between automotive manufacturers, telecommunications companies, and technology providers.
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Major 5G-ready telematics control unit companies are collaborating and partnering with other organizations to provide more care, most of the companies operating in this domain have expertise in consumer electronics and internet connectivity solutions.
For instance, in November 2020, HARMAN International introduced HARMAN Turbo Connect (TBOT), a new intelligent software agent that will anticipate and mitigate vehicle connectivity discrepancies on the road. This satisfies current demand for high-speed connectivity with low latency, especially when used alongside 5G-enabled technologies such as HARMAN’s smart conformal antenna and full 5G and 5G-ready TCUs.
For instance, in February 2021, Quectel collaborated with Qualcomm Technologies to offer advanced and smart connections to vehicles, including 5G, LTE/LTE-A, C-V2X and other automotive modules to empower safer and more efficient driving. With this pairing, both companies will develop competitive automotive communication modules to enable safe and efficient driving experiences to bring 5G-connected vehicles into the 5G era.
Askey Computer Corp.
Millimeter Wave Products Inc.
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