The Global 5G Smart Phone Market Anticipated to Generate a Revenue of $6,574.7 Billion, Growing at a CAGR of 124.4% from 2021 to 2028Download Sample Reports Overview
The global 5G Smart phone market is estimated to be valued at $6,574.7 billion by 2028, surging from $16.1 billion in 2020, at a noteworthy CAGR of 124.4%.
Impact Analysis of COVID-19 on the 5G Smart Phone Market
COVID-19 outbreak led to the complete lockdown across the globe which has led to the reduced purchasing powers. COVID-19 has also affected the various development factors of 5G chipsets as well as the manufacturing of semiconductors across the globe.
The experts have predicted that global 5G smart phone market will grow at a higher-level post COVID-19 situation. This is majorly due to the growing demand for the seamless internet connectivity and rising demand for IoT and connected devices.
Global 5G Smart Phone Market Analysis
The rapid growth in the technological advancements, ultra-low latency, and rising demand for ultra-high bandwidth are majorly driving the growth of the market. Additionally, the growing demand for the high speed internet connectivity for IoT based applications, like connected homes and energy management is projected to boost the market growth in the near future.
High switching cost of the phones as the present devices do not support 5G technology is anticipated to hamper the market growth in the near future.
The rising demand for the connected devices across the globe is projected to create better growth opportunities for the 5G smart phones market in the near future.
Global 5G Smart Phone Market, Segmentation
The global 5G smart phone market is segmented based on operating system, sales channel, and region.
The operating system segment is further classified into Android, IOS, Windows, and others. The Android sub-segment is expected to grow at the fastest CAGR of 134.2% and reach $3,448.9 billion by 2028, up from $8.1 billion in 2020. The growth is majorly due the wide range of smart phones available and the number of manufacturers developing the Android phones across the globe. Additionally, the reasonable prices of the Android phones make it easy for the people to buy them. Moreover, the user-friendly interface and applications are projected to drive the Android market to grow over the forecast period.
On the basis of sales channel, the market is divided into online channel and offline channel. The online channel is anticipated to grow at the fastest CAGR of 139.7% and $3,155.4 billion over the forecast period. The online channels are majorly the e-commerce websites such as Amazon, Flipkart, Apple Store, and others. These e-commerce stores offer flexibility to consumers to shop from anywhere and anytime. Additionally, these websites offer wide range of brands with attractive prices and discounts. Thus, the online sales channels have been grabbing consumers across the globe by providing door-step delivery and exchange & return facilities.
The 5G smart phone market for the Europe region is projected to have the fastest market growth and generate a revenue of $2,090.1 billion by 2028. This growth is majorly attributed towards the growing demand for the smart phone in this region. Additionally, the growing demand for the connected devices, virtual reality, and augmented reality is projected to boost the market growth.
Key Players in the Global 5G Smart Phone Market
Some of the leading global 5G smart phone market players are
- Huawei Technologies Co., Ltd.
- Samsung Electronics Co. Ltd.
- Apple Inc.
- Motorola, Inc.
- BBK Electronics
- LG Electronics Inc.
- Xiaomi Corporation
- TCL Communication Limited
- Nokia Corporation
- Lenovo Group Limited.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global 5G Smart Phone Market:
- Bargaining Power of Suppliers: The number of players present in the 5G mobile industry is very high and the competitive rivalry is very high.
Thus, the bargaining power suppliers is moderate.
- Bargaining Power of Buyers: There is a high demand for the 5G smart phones among the consumers. Additionally, the huge number of manufactures allows the consumers to explore large number of options.
Thus, the bargaining power of the buyers is moderate.
- Threat of New Entrants: The initial cost to set up the manufacturing plants along with the stringent government regulations makes it difficult for the new entrants to establish the products.
Thus, the threat of the new entrants is low.
- Threat of Substitutes: The availability of the alternatives for the 5G smart phone is very low.
Thus, the threat of substitutes is low.
- Competitive Rivalry in the Market: The competitive rivalry among industry leaders is extensive mainly because the number of players operating in 5G smart phone industry are focusing on enhancing the efficiency of the battery, business expansion, and product innovations.
Therefore, competitive rivalry in the market is high.