As per findings by Persistence Market Research, the worldwide 5G-ready telematics control units (TCU) market reached a valuation of around US$ 1.1 Bn in 2020, and is anticipated to surge at a CAGR of 35.6% over the next ten years.
5G-ready telematics control units are embedded onboard systems that are used to power telecommunications services. These are becoming essential items in connected-car services as they allow users to get real-time information of their vehicles.
5G-ready TCUs with smart antennas combine multiple antennas in a single antenna. Later, they are mounted beneath a vehicle’s body surface and also covered with a non-conductive cover. This technology will be necessary to enable prompt communication between pedestrians, vehicles, and infrastructure.
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The market is developing at a fast rate, and industry players are innovating and launching new products regularly.
- In June 2020, Askey announced plans to develop 5G mmWave and Sub-6GHz small cell products for public venues and private networks, working with Qualcomm Technologies. With this pairing, Askey will deliver 5G NR mmWave devices for indoor applications, which will cover enterprises such as offices, university campuses, hospitals, hotels, shopping centers, and many more.
- In November 2020, Qualcomm introduced the Qualcomm MDM9150, the first commercial C-V2X solution based on 3GPP Release 14 specifications for direct communication operation in the 5.9 GHz ITS spectrum. The product will support numerous vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) applications.
- In February 2021, Mediatek introduced the M80 5G modem that combines mmWave and sub-6 GHz 5G technologies onto a single chip. The M80 will also support ultra-fast speeds on both, non-standalone (NSA) and standalone (SA) architectures, with a peak rate of 7.67 Gbps in the downlink and 3.76 Gbps in the uplink.
Key Takeaways from Market Study
- The South Asia & Pacific region is expected to create lucrative growth opportunities for players due to growing importance of telematics and 5G networks for safety in the automotive sector.
- Key players are focusing on acquisitions to complement their product portfolios so as to cater to the needs of a variety of customers. Market participants are also focusing on providing products directly to end users to improve their direct customer relations.
- The market in the U.S. is projected to expand at a CAGR of 26.4% through 2031, while that in Germany at around 29.1%.
- Market growth in China, Japan, and India is expected to be much higher, at CAGRS of around 37.7%, 42.0%, and 50.7%, respectively.
“Key players are focusing on continuous developments and implementation of new connectivity platforms such as vehicle-to-vehicle (V2V) connectivity and vehicle-to-network (V2N) connectivity to capture attention with incredible vehicle experiences. Increased cost-savings and lowered energy consumption features will create attractive opportunities for 5G-ready TCU providers,” says a Persistence Market Research analyst.
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COVID-19 Impact Analysis
The COVID-19 epidemic outbreak disrupted different industries, including the 5G-ready TCU market. The benefits of 5G-ready telematics control units for insurance carriers, drivers, and car manufactures have been well-established for decades. During the pandemic, carriers and original equipment manufacturers (OEMs) looked at a balance of long-term strategic decisions and short-term measures.
During the outbreak, production as well as development of 5G-ready telematics control units declined by nearly 5%-10% in Q2-Q3 2020, due to plunging production across Chinese and U.S. factories, as both are the world’s major 5G network equipment product manufacturers and suppliers.
However, according to estimates, production has become quite stable from the last two quarters of 2021 and demand has started to gain traction again.
Companies are working on their strategies and are optimistic to come out stronger at the other end. Getting the tools in place now will put original equipment manufacturers ahead of the curve as demand for 5G ready TCUs from new customers is likely to emerge.
Find More Valuable Insights
Persistence Market Research puts forward an unbiased analysis of the global market for 5G-ready telematics control units, providing historical demand data (2019-2020) and forecast statistics for the period 2021-2031.
To understand the opportunities in the market, it has been segmented on the basis of TCU type (mmWave 5G TCUs and Sub-6 GHz TCUs), connectivity (vehicle-to-vehicle (V2V) connectivity, vehicle-to-infrastructure (V2I) connectivity, and vehicle-to-network (V2N) connectivity), vehicle type (passenger vehicles and commercial vehicles), and end user (auto manufacturers/OEMs, automotive aftermarket vendors, and telematics vendors), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).
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