New York, USA, April 20, 2023 (GLOBE NEWSWIRE) -- According to Research Dive, the global 5G smart phone market is estimated to generate a revenue of $6,574.7 billion by 2028 and grow at a CAGR of 124.4% over the forecast period (2021 to 2028). The comprehensive report provides a summary of the present market scenario comprising key aspects of the market, such as growth factors, lucrative growth opportunities, and restraining factors. Besides, the report provides all the global market trends, COVID-19 impact on the market, and market estimations making it easier, helpful, and useful for the new participants to understand the market.
Market Dynamics
As per analysts at Research Dive, rise in demand for connected devices, including healthcare devices, automobiles, etc. across the globe is predicted to be the leading growth driver of the 5G smart phone market. Strategic acquisitions and mergers along with business expansions by key market players are also expected to drive the market during the forecast period. Moreover, the growing demand for Internet of Things (IoT) technology has the potential to single-handedly offer tremendous growth opportunities to the 5G smart phone market. Along with this, the growing demand for connected devices which allow users to access high-speed internet is also expected to offer huge opportunities in the 2021-2028 timeframe. However, high maintenance cost to establish 5G smart phones manufacturing plants may hamper the growth of the market.
Request an Exclusive PDF Sample of the 5G Smart Phone Market (Including Tables, TOC, and Figures)
COVID-19 Impact on the 5G Smart Phone Market
The Covid-19 pandemic has had a severe impact on the electronics manufacturing industry, including the 5G smart phone market. The 5G smart phones industry has primarily faced a downturn due to the shortage of 5G chipsets that couldn’t be manufactured owing to the lockdown in various countries. However, the market analysts predict a growth in this market in the coming period mainly because the lifting of the lockdowns has seen a resumption in the manufacturing of the 5G chipsets.
Segments of the Market
The report has fragmented the 5G smart phone market into certain segments based on operating system, sales channel, and region.
Operating System: Android Sub-segment to Have the Fastest Growth Rate
The android sub-segment is expected to have the fastest growth rate and generate $3,448.9 billion by 2028. This sub-segment is popular mainly due to the cost affordability and compatibility offered by Android devices which makes them very popular. Along with this, the security benefits and multitasking features offered by Android OS have further helped in boosting the growth of this sub-segment.
Sales Channel: Online Channel Sub-segment to be the Most Dominant
The online channel sub-segment is expected to grow at the highest CAGR of 139.7% by 2028. Online channels and e-commerce websites offer a variety of products to their customers. Moreover, online channels also offer great deals on various popular brands, thereby helping customers save a great deal of money. These benefits have boosted the growth of this sub-segment.
Ask an Expert Analyst or Schedule a call to Get the Latest Trends on 5G Smart Phone Market
Europe Region to Witness Fastest Growth
The 5G smart phone market in the Europe region is predicted to be the fastest growing one, surging at a stunning CAGR of 134.7%. Fulfilling the need of high-speed data transfer with uninterrupted internet connectivity through adoption of 5G services and rising disposable income of people in this region are two of the leading reasons behind the growth of the market in this region.
Key Market Players
Some of the top players of the global 5G smart phone market are
- Huawei Technologies Co. Ltd.
- Apple Inc.
- Samsung Electronics Co. Ltd.
- Motorola Inc.
- LG Electronics Inc.
- BBK Electronics
- Xiaomi Corporation
- Nokia Corporation
- TCL Communication Limited
- Lenovo Group Limited
These players are applying various strategies to gain a competitive edge and strong hold in the global industry.
Request an On-Demand Customization of the Specific Segments or Regions on the 5G Smart Phone Market
For instance, in February 2022, OPPO, a 5G smart phone manufacturer, announced that it collaborated with Jio, an Indian telecommunications company, to conduct 5G network trials. These collaborated trials will help both the companies gain an idea about the networking infrastructure needed to turn seamless 5G connectivity into a reality.
More about 5G Smart Phone Market:
- Why Do People Need to Switch to 5G Smart Phones As Soon As Possible?
- Strategic Partnerships and Product Launches by Market Players such as Samsung, Apple, and Others to Foster the Growth of the Global 5G Smart Phone Market
