Growing at a CAGR of 94% | Leading Brands Battle for Dominance in Booming 5G Smartphone Market
Growing demand for 5G technology in smartphones is anticipated to drive the growth of the global 5G smartphone market during the forecast period.
PORTLAND, PORTLAND, OR, UNITED STATE, April 9, 2024 /EINPresswire.com/ — The term “5G smartphone market” refers to the segment of the mobile device industry that focuses on smartphones capable of connecting to 5G networks. This market encompasses the manufacturing, distribution, and sale of smartphones that are equipped with the necessary hardware and software to utilize 5G cellular network technology.
5G, or fifth-generation technology, represents the latest advancement in mobile network technology, promising significantly faster data speeds, lower latency, and increased capacity compared to its predecessors (2G, 3G, and 4G LTE). Smartphones designed for 5G networks are equipped with specialized modems and antennas to support these faster speeds and improved connectivity.
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According to a new report published by Allied Market Research, titled, “5G Smartphone Market,” The 5g smartphone market size was valued at $18 billion in 2022, and is estimated to reach $13633.3 billion by 2032, growing at a CAGR of 94% from 2022 to 2032.
The rising trend of smartphone-connected vehicles, medical devices, and fleet management systems is set to drive the demand for fifth-generation smartphones. From smart metering to employee traffic management and infrastructure security, various sectors rely on smartphone connectivity. Moreover, organizations worldwide are prioritizing the integration of their devices and infrastructure with emerging 5G smart technologies, spurred by the development of fifth-generation smartphones. Many businesses are also transitioning their current on-premises operations to cloud networks, accessible through 5G smartphones on a global centralized network, thereby boosting product adoption.
However, the 5G smartphone industry faces challenges such as the lack of dedicated infrastructure and the significant initial investments required to establish 5G smartphone manufacturing facilities. Additionally, the high costs associated with setting up and upgrading 5G-enabled towers, as well as existing tower upgrades, are expected to hinder market growth in the near term.
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Key Findings of the Study:
• Based on operational system, the Android sub-segment emerged as the global leader in 2022 and is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on sales channel, the online channel sub-segment emerged as the global leader in 2022 and offline sub-segment is predicted to show the fastest growth in the coming years.
• Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain the position during the forecast period.
• The report also provides the indepth analysis about the 5G smartphone market forecast.
The Asia-Pacific region accounted for a huge market share in the global 5G smartphones market in 2022 and is expected to maintain its dominance in terms of market share during the forecast period. The rising demand for smartphones with high-speed data transfer capabilities and a massive surge in advanced technology and infrastructure in countries of this region are the factors projected to help the Asia-Pacific market to grow significantly by 2032.
The global 5G smartphone market share is segmented based on operating system, sales channels, and region. By operating system, it is classified into Android, Windows, IOS and others. By sales channels, it is classified into online channel and offline channel. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the 5G Smartphone market analysis report include Samsung Electronics Co.Ltd., Huawai Technologies Co.Ltd., Motorola.Inc., Apple Inc., TCLCommunication Limited, LG Electronics Inc., Xiaomi Corporation, Nokia Corporation, Lenovo Group Limited, and BBK Electronics Ltd.
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COVID-19 Scenario
• The outbreak of the COVID-19 pandemic has hurt the growth of the global 5G smartphones market. The lockdowns across the world hampered the production and supply of 5G chipsets. This ultimately affected the production of 5G smartphones.
• Moreover, the consumer spending pattern changed during the pandemic and people started prioritizing their expenses to buy essential goods and services instead of luxury goods. This reduced the demand for 5G smartphones which affected the market severely.
• The 5G smartphones market is, however, projected to show rapid growth in the future due to the development of numerous technologies as well as the rising need for high-speed data access. Also, the increasing adoption of remote work, distance learning, and online activities is further projected to push the market higher.
Market Growth Drivers:
1. Increased Demand for High-Speed Connectivity: 5G networks offer substantially faster speeds compared to 4G, enabling quicker downloads, smoother streaming, and faster browsing. This demand for ultra-fast connectivity is a primary driver for the adoption of 5G smartphones.
2. Growing Ecosystem of 5G Applications: As 5G networks expand and become more stable, developers are creating a wide range of applications that leverage the speed and low latency of 5G. These include augmented reality (AR), virtual reality (VR), cloud gaming, telemedicine, and IoT (Internet of Things) applications. The promise of these advanced applications is pushing consumers to upgrade to 5G-enabled devices.
3. Competitive Smartphone Market: Smartphone manufacturers are in constant competition to offer the latest technology to attract customers. The introduction of 5G smartphones has become a key selling point for flagship devices, encouraging consumers to upgrade to the latest models.
4. Network Expansion and Infrastructure Development: Telecom companies worldwide are investing heavily in expanding their 5G networks. As coverage becomes more widespread and reliable, consumers are more inclined to invest in 5G smartphones to take advantage of the superior connectivity.
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