5G Smartphone Market Outlook 2031
The global 5G smartphone market size was valued at USD 18 Billion in 2022 and is anticipated to reach USD 7 Trillion by 2031, expanding at a considerable CAGR of 94% during the forecast period, 2023–2031.
The market growth is due to increased demand for high-speed data connectivity for integrated Internet of Things (IoT) applications such as smart home and energy management devices. 5G smartphone is the next generation of telecommunication system and a cellular technology advancement that aims to improve the speed and responsiveness of wireless networks.
The introduction of 5G in smartphones allow users to connect to a high-speed network and benefit from faster data transfer speeds. Moreover, ultra-low latency along with high bandwidth witnesses in enhanced user experience with 5G smartphones.
The COVID-19 outbreak has considerably hampered the global 5G smartphone market as it affected the demand & supply chain of electronic appliances across the globe, owing to the shutdown of borders of key countries.
5G Smartphone Market Trends, Drivers, Restraints, and Opportunities
- Compatibility of 5G devices with innovative features, data transfer rate, and competitive pricing are key factors driving the market growth.
- Rise in implementation of Virtual Reality & Augmented Reality technology across different verticals such as the automotive and retail industry is expected to fuel growth of the market.
- Lack of infrastructure and connectivity for 5G smartphone in developing countries is a key restraining factor. This is likely to hamper the market growth during the projected timeline.
- 5G smartphone implies a lack of instant accessibility for major consumers, which acts as a major restraining factor for the market growth.
- Growing demand and continuous technological advancements for massive connectivity, ultra-low latency, and high bandwidth are expected to create significant growth opportunities for the market.
Scope of 5G Smartphone Market Report
The report on the global 5G smartphone market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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5G Smartphone Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Sales Channels (Offline and Online) and Operating Systems (Android, iOS, and Windows)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Apple Inc.; BBK Electronics Corp.; Huawei Technologies Co. Ltd.; Samsung Electronics Co. Ltd.; and Motorola Inc.
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5G Smartphone Market Segment Insights
Sales Channel Segment Analysis
Based on sales channels, the global 5G smartphone market is bifurcated into offline and online. The offline sales segment is expected to grow at a rapid pace during the forecast period owing to wide availability of mobile stores, hypermarkets, variety of outlets such as retailer outlets, and brand stores selling smartphones.
However, the online sales segment is expected to witness a considerable CAGR during the forecast period as it offers flexibility with ease to shop anytime from anywhere with wide range of products and accessories.
Operating System Segment Analysis
On the basis of operating systems, the market is segregated into android, iOS, and windows. The android segment is projected to witness robust market share in terms of revenue and is expected to continue the dominance during the forecast period.
The segment growth is attributed to its wider application, compatibility, affordable pricing, and ease of usage of the operating system. On the other hand, the iOS segment is expected to witness significant growth during the forecast period as the popularity of Apple brand among customers is rising exponentially.
Additionally, iOS provides the most secure environment compared to other operating system and offers enhanced processing speed, which makes it the first preference for game developers & gamers.
Regional Outlook
In terms of regions, the global 5G smartphone market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period owing to the presence of major players in smartphone industries such as Samsung Electronics Co. Ltd; Huawei Technologies Co. Ltd.; and BBK Electronics Corp. in the region.
However, the market of Europe is projected to expand at a considerable pace during the forecast period in terms of volume. It can be attributed to the rise in adoption of 5G network in the region.
Segments
The global 5G smartphone market has been segmented on the basis of
Sales Channels
Operating Systems
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global 5G smartphone market are Apple Inc.; BBK Electronics Corp.; Huawei Technologies Co. Ltd.; Samsung Electronics Co. Ltd.; and Motorola Inc.
Companies are focusing on business strategies such as partnerships, collaborations, and merger & acquisitions to expand their market share. Furthermore, key players are also engaging to expand their capacity to leverage their market position.
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In July 2019, Apple Inc. purchased majority large chunk of 5G chipset modem business unit of Intel Corporation as part of an effort to lower the overall cost of manufacturing 5G handsets and boost productivity.
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In April 2020, Samsung Electronics Co. Ltd. has announced the launch of the Galaxy A51 and Galaxy A71 5G smartphones with fist in segment such as a quad camera, an Infinity-O display, a long-lasting battery, and 5G connectivity.
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