5G smartphones are equipped with 5G modems that enable end users to access the next generation high-speed 5G wireless networks. 5G allows faster speed, higher bandwidth and lower latency compared to previous generations of wireless technology. It enables a wide range of applications including augmented and virtual reality, connected cars, smart cities, industrial internet and telemedicine. The rising demand for high-speed internet connectivity and advanced immersive experiences is expected to drive the adoption of 5G smartphones across the globe.
The Global 5G Smartphone Market is estimated to be valued at US$ 13.4 billion in 2019 and is expected to exhibit a CAGR of 124.9% over the forecast period 2020 to 2027.
Key Takeaways
Key players operating in the 5G Smartphone are Samsung, Huawei, Xiaomi, OPPO and Vivo. These companies lead the market, accounting for over 70% of the total shipments.
5g Smartphone Market Size is rising deployment of 5G networks globally along with lower device pricing is expected to boost the adoption of 5G smartphones significantly. Emerging economies with expanding middle class are likely to present major growth opportunities for smartphone manufacturers.
Led by China, Asia Pacific is projected to account for over 50% of the global 5G smartphone shipments by 2031. Meanwhile, North America and Western Europe are also making progress in their 5G infrastructures and are expected to adopt 5G devices rapidly.
Market drivers
The primary growth driver for the 5G smartphone market is the widespread deployment of 5G networks across major economies. Over 100 operators globally have launched 5G services. As 5G infrastructure expands to more regions, it will encourage users to upgrade to new 5G devices. Affordability of 5G devices is another key factor that is influencing consumers to opt for 5G smartphones. Vendors are expected to further reduce prices, making 5G accessible to mass market segments. This will amplify the demand significantly over the forecast period. Government initiatives to develop smart cities and focus on technologies like IoT and AI are also promoting the adoption of high-speed 5G networks and corresponding devices.
PEST Analysis
Political: Government supports technology innovation with policies and funding. However, privacy and security policies could impact adoption.
Economic: High disposable incomes and demand for advanced connectivity are driving market growth. Continuous evolution in applications is supporting upgrades.
Social: Younger demographics prefer latest tech for experiences like VR/AR gaming. Rapid urbanization and digital lifestyle trends boost uptake.
Technological: 5G delivers multi-Gbps speeds with ultra-low latency perfect for cloud computing. Enhanced mobile broadband and massive IoT capabilities facilitate new apps. Faster rollout of supporting infrastructure like towers expands coverage.
Geographical Regions with Highest Market Value
North America and Europe currently account for majority of the market value due to high smartphone penetration and early commercialization of 5G networks. Countries like United States, China, United Kingdom and Germany have seen strong demand from both consumer and enterprise segments. Developed Asian markets like South Korea and Japan are also early adopters.
Fastest Growing Regional Market
The Asia Pacific region excluding Japan is projected to be the fastest growing regional market during the forecast period. Countries like India, Indonesia and Vietnam are expected to see highest growth rates as telecom operators rapidly deploy 5G infrastructure to tap into rising digitalization and smartphone usage in developing economies of the region. Government initiatives supporting digital connectivity will further aid mass adoption in Southeast Asia.
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