According to a new research study by Global Insight Services (GIS), the 5G smartphone market is expected to grow rapidly over the next 10 years to reach a value of more than US$ 9794.9 billion by 2031.
5G is the 5th generation mobile network. It is a new global wireless standard after 1G, 2G, 3G, and 4G networks. 5G enables a new kind of network that is designed to connect virtually everyone and everything together including machines, objects, and devices. Compared to 4G, which is what most smartphones use now, 5G smartphones offer a lot more bandwidth and lower latency, which means it can support the transfer of more data with fewer delays. Put simply, smartphone owners will be able to do things like upload or download videos and photos a lot faster. Also, the 5G smartphones permit the users to access high speed network and greater experience in terms of transferring data and use multiple applications along with the great download and upload speed. The accessibility of 5G smartphones that consume low power is anticipated to drive market growth during the forecast period.
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Global 5G smartphone Market: Key Drivers and Trends
A smartphone is a device that permits the user to perform various other tasks apart from just making a call and sending text messages. With the help of smartphones, a user can take photos, browse the internet, and operate various devices. Smartphones can process several applications in a single go, including games, business programs, and personal use, among others. The 5G smartphones allow users to access high-speed internet and also give an enhanced experience regarding data transfer speeds. Additionally, the ability to work on ultra-low latency rates offered by the 5G is anticipated to improve the user experience for several instances, such as seamless video calling, virtual reality gaming, and others. The rising number of IoT and connected devices is anticipated to drive market growth.
Global 5G smartphone Market: Market Restraints and Challenges
Increasing overall maintenance and repair cost of 5G smartphone and likely restraining market revenue growth in the forecast period. Further, increasing volatility in raw material prices and the high maintenance cost of 5G smartphones are anticipated to hinder market growth during the forecast period. Growing volatility in raw material prices negatively influences the ability of manufacturers to produce 5G smartphones based on specific requirements.
The android segment is likely to hold the major share of the market in 2021
Based on the operating system, it is segmented android, windows, IOS, and others. The android segment is expected to be the largest segment in the 5G smartphone market in 2021. The growth is majorly due to the cost affordability, compatibility to various number of applications and ease of use. Additionally, the advanced android-based devices have the ability to allow the users to multi-task and are equipped with sensors and various security benefits such as fingerprint unlocking of the phone. These factors act as a competitive edge over other operating systems. Due to above mentioned factors, the android segment is expected to hold a major market share in 2021.
The online sales segment is likely to dominate the market during the forecast period
Based on the sales channel, it is bifurcated into online sales and offline sales. The online sales segment is expected to dominate the market during the forecast period. The online channel is anticipated to grow due to various factors such as E-commerce platforms providing elasticity to consumers to shop from anywhere, anytime. Additionally, online channels offer great deals and various number of brands all at a single place so that it becomes easy for the buyers to select their desired smartphones. Major e-commerce market players are Flipkart, Amazon, and Apple store, among others. Thus, the online sales segment is likely to dominate the market during the forecast period.
The Asia Pacific region is accounted for the majority of market share in 2021
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific market is expected to hold the majority of the market share in 2021. The growth can be attributed to the presence of leading 5G smartphone manufacturers, such as Huawei Device Co., Ltd., LG Electronics, OnePlus Technology Co., Ltd., Samsung Electronics Co., Ltd, and Xiaomi Group in the region. In addition, increasing investments by key telecom operators, such as China Telecom, KT Corporation, NTT Docomo, China Mobile, and Reliance Jio, in deploying 5G network infrastructure are estimated to boost the adoption of 5G-enabled smartphones in the region. Thus, it propels the growth of the 5G smartphone market in Asia Pacific.
The key players studied in the global 5G smartphone market are Apple Inc. (U.S.), Huawei Device Co., Ltd. (China), LG Electronics (South Korea), Motorola Mobility LLC (U.S.), Nokia Corporation (Finland), OnePlus Technology Co., Ltd. (China), OPPO (China), Samsung Electronics Co., Ltd. (South Korea), TCL (China), and Xiaomi Group (China).