5G Smart Phones Market to Reach $13633.3 Billion, Globally, by 2032 at 94.0% CAGR: Allied Market Research

Growing demand for 5G technology in smart phones is anticipated to drive the growth of the global 5G smart phones market during the forecast period from 2023 to 2032. The Asia-Pacific region is projected to hold the majority of market share by 2032.

/EIN News/ — Portland, OR , June 12, 2023 (GLOBE NEWSWIRE) — Allied Market Research has recently published a report, titled, “Global 5G Smart Phones Market by Operating System (Android, Windows, IOS, and Others), Sales Channel (Offline Channel and Offline Channel), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global 5G smart phones market generated $18 billion in 2022, and is anticipated to generate $13633.3 billion by 2032, witnessing a CAGR of 94% from 2023 to 2032.

Prime Determinants of Growth

A steady increase in the demand for 5G technology in smart phones is predicted to be one of the important factors driving the growth of the global 5G smart phones market in the forecast timeframe. However, the high cost of 5G smart phones may hamper the 5G smart phones market growth in the coming period. On the contrary, the growing adoption of 5G smart phones is expected to offer remunerative opportunities for expansion of the 5G smart phones market in the 2023-2032 forecast period.

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Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$18,040.00 million
Market Size in 2032	$13,633,254.80 million
CAGR	94.0%
No. of Pages in Report	310
Segments covered	Operating System, Sales Channel, and Region
Drivers	Growing demand for 5G technology in smart phones The increasing development of an ecosystem of interconnected devices and services
Opportunities	The growing adoption and usage of 5G smart phones in daily life The ability of 5G to support augmented reality (AR), virtual reality (VR), and enhanced gaming experiences
Restraints	High cost of 5G smart phones

COVID-19 Scenario

• The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global 5G smart phones market. The lockdowns across the world hampered the production and supply of 5G chipsets. This ultimately affected the production of 5G smartphones.
• Moreover, the consumer spending pattern changed during the pandemic and people started prioritizing their expenses to buy essential goods and services instead of luxury goods. This reduced the demand for 5G smart phones which affected the market severely.
• The 5G smart phones market is, however, projected to show rapid growth in the future due to the development of numerous technologies as well as the rising need for high-speed data access. Also, the increasing adoption of remote work, distance learning, and online activities is further projected to push the market higher.

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Operating System: Android Sub-segment Projected to be Highly Dominant During the Forecast Period

The android sub-segment accounted for the highest 5G smart phones market share in 2022 and is expected to grow at a CAGR of 94.8% during the forecast period. Android smartphones have the capability to manage multiple tasks and offer various security advantages like fingerprint phone unlocking. Such capabilities give Android smart phones an edge over their competitors and are predicted to boost the sub-segment’s growth by 2032.

Sales Channel: Online Channel Sub-segment to Have a Significant Market Share by 2032

The online channel sub-segment of the accounted for the highest share in 2022 and is predicted to grow at a CAGR of 101.4% over the forecast period. In the last few years, customers across the globe are preferring e-commerce websites like Flipkart, Amazon, and the Apple Store to buy 5G smart phones. This increasing preference for online channels is expected to drive the sub-segment’s growth by 2032.

Region: Asia-Pacific Market to Hold Majority of Market Share by 2032

The Asia-Pacific region accounted for a huge market share in the global 5G smart phones market in 2022 and is expected to maintain its dominance in terms of market share during the forecast period. The rising demand for smart phones with high-speed data transfer capabilities and a massive surge in advanced technology and infrastructure in countries of this region are the factors projected to help the Asia-Pacific market to grow significantly by 2032.

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Leading Players in the 5G Smart Phones Market:

• Samsung Electronics Co. Ltd.
• TCL Communication Limited
• Nokia Corporation
• Huawai Technologies Co. Ltd.
• LG Electronics Inc.
• Lenovo Group Limited
• Motorola, Inc.
• Xiaomi Corporation
• BBK Electronics Ltd.
• Apple Inc.

The report provides a detailed analysis of the key players of the global 5G smart phones market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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