New York, USA, April 11, 2022 (GLOBE NEWSWIRE) -- According to the latest report from Research Dive, global 5G smartphone market Huge rise is expected 124.4% CAGR, so you get an income $6,574.7 billion in 2021-2028 time interval. This latest report by Research Dive provides a brief view of the current framework of the 5G smartphone market, including key aspects such as growth factors, growth opportunities, constraints and barriers during the 2021-2028 analysis period. All key market figures are also presented in this report to help new entrants gain an easy insight into the market.
Dynamics of the Market
Drivers: Health devices, automobiles, etc. around the world. Increasing demand for connected devices, including Strategic acquisitions and mergers, as well as business expansions by key market players, are expected to drive the market during the forecast period.
Opportunities: The growing demand for Internet of Things (IoT) technology alone has the potential to present tremendous growth opportunities to the 5G smartphone market. However, the growing demand for connected devices that enable the user to access high-speed internet is also expected to present great opportunities in the 2021-2028 timeframe.
limitations: However, the high maintenance cost to set up the 5G smartphone manufacturing industries may hinder the growth of this market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic has had a serious impact on the electronics manufacturing industry, including the 5G smartphone market. The 5G smartphone industry has faced a setback primarily due to the lack of 5G chipsets that could not be produced due to the quarantine in various countries.
However, market analysts are predicting a growth in this market as the lockdowns resume production of 5G chipsets that will boost the 5G smartphone market.
Segments of the Market
The report segmented the 5G smartphone market into specific segments based on operating system, sales channel, and region.
Operating System: Android Sub-segment with Fastest Growth Rate
The Android sub-segment is expected to have the fastest growth rate, generating $3,448.9 billion by 2028. This sub-segment is popular mainly because of the affordability and compatibility that Android devices offer, which makes them very popular. However, the security benefits and multitasking features offered by the Android operating system have further helped drive the growth of this sub-segment.
Cumulative Impact of COVID-19 - 5G Smartphone Market by 2028 - Contact Expert Analyst
Sales Channel: Online Channel Sub-segment Will Be the Most Dominant
The online channel subsegment is expected to grow at the highest CAGR of 139.7% through 2028. Online channels and e-commerce websites offer a variety of products to their customers. Also, online channels offer great deals on a variety of popular brands, helping customers save huge amounts. These benefits accelerated the growth of this sub-segment.
Region: Market To Be The Fastest Growing Region In Europe
The 5G smartphone market in the European region is expected to be the fastest growing market with a stunning CAGR of 134.7%. Meeting the need for uninterrupted internet connection and high-speed data transfer with the adoption of 5G services and the increase in disposable income of people in this region are the two important reasons behind the growth of the market in this region.
Prominent Market Players
Some of the leading market players of the 5G smartphone market:
- TCL Communication Limited
- Apple Inc.
- LG Electronics Inc.
- Lenovo Group Limited
- BBK Electronics
- Samsung Electronics Ltd.
- Nokia Company
- Motorola Inc.
- Huawei Technologies Ltd.
- Xiaomi Company
These players adopt various business strategies such as mergers, acquisitions and collaborations to gain a leading position in the global market.
For example, in February 2022, 5G smartphone maker OPPO announced that it is collaborating with Jio, an Indian telecommunications company, to conduct 5G network trials. These joint trials will help both companies gain an insight into the network infrastructure needed to make seamless 5G connectivity a reality.
Finally, the Research Dive report also summarizes many key aspects of the 5G smartphone market, including the SWOT analysis, the latest strategic developments, the financial performance of key players and the product portfolio.
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