The 5G network is already available in many countries and will soon roll out in India. Most smartphone companies have already launched phones supporting the 5G network, and the rest are working on it. The worldwide 5G smartphone market is seeing notable growth. Last year, the global 5G smartphone market was valued at$32.21 billion, which is expected to reach$4167.07 billion by 2027. What a hike!
The demand for 5G smartphones has increased because of their advanced features. It will allow users to go beyond traditional functionalities such as sending text messages and making calls with the fifth standard network, faster than 3G and 4G networks. However, the competition among smartphone makers has also increased. The overall 5G smartphone market is highly consolidated, and only a few large-scale manufacturers account for significant revenue.
Key smartphone manufacturers in the market are:
However, every smartphone maker is struggling to enter the 5G market, but there will be some key players such as-
There are some other groups also.
- Alphabet Inc. (Google)
- BBK Electronics Corporation
- Transsion Holdings
- TCL Technology
The awareness of the increasing usage of mobile, surging integration of AR technology, and increasing over-the-top (OTT) platform subscriptions is the primary reason for the expanding demand in the forthcoming years. The market is expected to grow at a CAGR of 124.90% during the forecast period of 2022-2027.