The global 5G smart phone market is expected to grow by 2028 due to the rise in demand for Internet of Things (IoT). Online channel sub-segment is predicted to be most dominant. Market in the Europe region is expected to have fastest growth rate.
Research Dive has added a new report to its offering titled, ‘5G Smart Phone Market by Operating System (Android, Windows, IOS, and Others), Sales Channel (Offline Channel and Online Channel), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028′.
According to the report, the global 5G smart phone market is anticipated to gather a revenue of $6,574.7 billion by 2028, growing at a CAGR of 124.4% during the 2021-2028 timeframe.
Dynamics of the Market
Drivers: There has been a growing demand and adoption of the IoT technology over the last few years. This surging demand is expected to boost the 5G smart phone market in the forecast period. Additionally, the growing demand for connected devices is also predicted to further the growth of this market.
Opportunities: Strategic alliances between key market players and business expansions by leading companies are expected to offer huge growth opportunities to the market during the analysis years. Moreover, the growth in demand for connected devices using cloud technology is expected to boost the market.
Restraints: High investment cost with respect to setting up of 5G towers may, however, prove to be a restraint in the growth of the 5G smart phone market.
Covid-19 Impact on the Market
The Covid-19 pandemic has overwhelmingly disrupted the global economic order. Most of the industries and markets are reeling from huge losses, one of which is the 5G smart phone market. The 5G smart phones industry has faced issues from both sides- supply and demand. Since there is a dearth of semiconductor chips, there has been an inadequate supply of raw materials. At the same time, there has been a fall in demand for 5G smart phones in the pandemic situation.
The restarting of business cycles of the semiconductor chipset manufacturing industries, however, has made the market analysts predict a growth in the market in the post-pandemic scenario.
Segments of the Market
The report has divided the 5G smart phone market into a few segments based on operating system, sales channel, and regional analysis.
- By operating system, the Android sub-segment is predicted to grow the fastest by garnering a revenue of $3,448.9 billion by 2028. The ease of use associated with Android phones along with their ability to multitask have made them extremely popular. These features have helped this sub-segment to grow at such a fascinating rate.
- By sales channel, the online channel sub-segment is expected to be highly profitable and register a revenue of $3,155.4 billion by 2028. The rise of e-commerce websites which offer numerous choices and varieties of products to the customers at a single place is expected to be the primary growth driver of this sub-segment.
- By regional analysis, the 5G smart phone market in the Europe region is anticipated to be highly lucrative and garner $2,090.1 billion by 2028. The high disposable income of people in this region along with the growing demand for 5G smart phones have helped the market in the Europe region to grow rapidly.
Significant Market Players
Some significant 5G smart phone market players are
- Nokia Corporation
- Apple Inc.
- TLC Communications Ltd.
- Samsung Electronics Co. Ltd.
- Huawei Technologies Co. Ltd.
- BBK Electronics
- Xiaomi Corporation
- Motorola Inc.
- LG Electronics Inc.
- Lenovo Group Limited, among others
These players are formulating several business strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to gain a leading position in the market.
For example, in November 2021, Verizon, a US-based telecom giant, acquired TracFone Wireless, Inc., the largest reseller of wireless services in the US. This acquisition will help Verizon to expand its customer base and will also help the customers in getting stable and uninterrupted high-speed 5G services.
The report also sums up various crucial facets including financial performance of the key players of the 5G smart phone market, SWOT analysis, product portfolio, and the latest strategic developments.Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
