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Global 5G Smartphones Market Size to grow USD 76.9 Bn in 2028


Global 5G Smartphones Market Size to grow USD 76.9 Bn in 2028

The Global 5G Smartphones Market Size was valued at USD 21.6 Bn in 2021. The market is projected to grow USD 76.9 Bn in 2028, at a CAGR of 21.6%. The factors boosting the market growth are its ability to provide high speed internet connectivity, coverage, and reliability in comparison to its 4G based smartphones, new product launches by 5G enabled smartphones manufacturer, huge untapped market in the emerging economies, particularly China and India.

5G Smartphones Market

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5G smartphones are devices that support the fifth generation of mobile networking. 5G technology is being increasingly commercialized in different parts of the globe, with China leading the race. Theoretically, 5G is said to be 100 times faster than its predecessor, with estimated speeds up to 10 Gbps. Smartphones require 5G compatible sensors and receivers to support the additional speeds. The increasing demand for high speed internet for amongst individuals and businesses for buffer-free streaming will play a prominent role in the growth of the global 5G smartphone market. The prominence of OTT services such as Netflix, Amazon Prime, Hulu, Disney+, etc. has disrupted the media and entertainment industry. On-demand content is being increasingly preferred by the younger generation, and the advent of 5G smartphones will provide them with a tool for viewing high quality content on the go. High speed internet is required for providing a hassle-free streaming experience. Furthermore, with the growth of both residential and industrial IoT (IIoT), smartphones will play the role of a personalized authentication device for enhanced security purposes. Some of the factors that will drive the growth of the global 5G smartphone market include the popularity of media streaming platforms, advancement in camera technology in 5G smartphones that will provide an affordable substitute for professional cameras to the consumers, proliferation of digital payment platforms, rise in disposable income in regions such as the Asia Pacific and Europe, amongst others.


Collaboration between the smartphone manufacturers, chipset providers and telecommunication providers will help in the acceleration of commercial 5G services. Furthermore, government bodies around the globe are mulling over regulations pertaining to the user of 5G spectrum to speed up the adoption of 5G. In China, for instance, the government has drastically reduced licensing costs to speed up the rolling out of 5G services. The U.S. Federal Communications Commission (FCC), on the other hand, has amended the rules that govern equipment modification. New hardware can be installed on the existing poles to bring down the capital costs and speedup the deployment of 5G. Since 5G will be built mainly on the existing 4G infrastructure, the stakeholders will need to provide fool-proof strategies to ensure that the networks are capable of handling the additional data speed and connected devices.

5G Smartphones Market

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The 5G smartphone manufacturers are focusing on indirect sales channels for the increasing unit sales. Xiomi, for instance, is bringing down its operational expenditure by partnering with platforms such as Walmart and Amazon for 5G smartphone sales. Also, prominent players such as Samsung and BBK electronics are aggressively pursuing the midrange smartphone segment to increase its market penetration amongst the middle and upper echelons of the society. Furthermore, the number of multi-SIM smartphone models are expected to increase in the coming years, as the manufacturers are promoting dual-network capability in smartphones. Samsung, for instance, supports dual-SIM technology in A51 5G smartphone, which was launched in April this year. These allow the consumers to use a local and a roaming SIM in the same device during international travel.


KEY INDUSTRY DEVELOPMENTS:


February 2022- The government's BharatNet project is aiming to connect all villages with high-speed broadband, is also expected to boost smartphone sales in rural areas.


March 2020- Telefonaktiebolaget LM Ericsson, which is a multinational networking & telecommunications company has projected that by 2024, 5G connectivity will be expanded by almost one third population coverage and with 1.5 billion subscriptions a global scale.


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https://extrapolate.com/Semiconductor-Electronics/5g-smartphone/25644

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