New York, USA, April 11, 2022 (GLOBE NEWSWIRE) -- As per Research Dive’s latest report, the global 5G smart phone market is anticipated to rise at a tremendous CAGR of 124.4%, thereby garnering a revenue of $6,574.7 billion in the 2021-2028 timeframe. This latest report, published by Research Dive, provides a brief outlook of the current framework of the 5G smart phone market including its major facets like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2021-2028. All the important market figures are also provided in this report to help new entrants gain insights about the market easily.
Dynamics of the Market
Drivers: 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.
Opportunities: 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 allows user to access high-speed internet is also expected to offer huge opportunities in the 2021-2028 timeframe.
Restraints: High maintenance cost to establish 5G smart phones manufacturing industries can, however, hamper the growth of this market.
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Impact of Covid-19 on the 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 which couldn’t be manufactured owing to the lockdown in various countries.
The market analysts, however, predict a growth in this market, mainly because the lifting of the lockdowns has seen a resumption in the manufacturing of the 5G chipsets, which will boost the 5G smart phone market.
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.
Cumulative Impact of COVID-19 - 5G Smart Phone Market by 2028 - Communicate with Expert Analyst
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.
Region: Market in Europe Region to be the Fastest Growing
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.
Prominent Market Players
Some leading market players of the 5G smart phone market are
- TCL Communication Limited
- Apple Inc.
- LG Electronics Inc.
- Lenovo Group Limited
- BBK Electronics
- Samsung Electronics Co. Ltd.
- Nokia Corporation
- Motorola Inc.
- Huawei Technologies Co. Ltd.
- Xiaomi Corporation
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global 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.
Finally, the Research Dive report also summarizes many crucial aspects of 5G smart phone market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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Related links:
- 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
