The 5G smartphone market comprises devices that support 5G network connectivity. The 5G network offers several benefits over existing 4G networks including higher speeds, lower latency, and improved reliability. 5G-enabled smartphones can leverage these benefits to enable applications requiring high-speed data connectivity and low latency such as enhanced virtual/augmented reality, connected vehicles, and IoT. Growing deployment of 5G infrastructure globally is driving the adoption of 5G smartphones. As of 2024, more than 50% of the mobile connections worldwide are expected to support 5G.

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 market are Samsung Electronics, Apple Inc., Xiaomi Corporation, OnePlus, and OPPO. Samsung captured over 30% market share in 2021. Growing demand for high-speed internet connectivity is one of the major factors fueling the growth of 5G smartphones. The global pandemic has further accelerated the demand as people relied more on digital technologies for work, study and social purposes. Technological advancements in 5G such as mmWave and Sub-6GHz spectrum, MIMO, and beamforming have enabled high data speeds and low latency in 5G networks driving the adoption of 5G smartphones.

Market Trends

Affordable 5G smartphones: Major players are focusing on developing affordable 5G models to boost mass adoption. In 2022, Xiaomi launched its affordable Redmi K50i 5G model priced at $300.

Multi-gigabit speeds:
5g Smartphone Market Size  like 5G standalone (SA), mmWave and mid-band are enabling multi-gigabit speeds up to 10Gbps driving demand for immersive multimedia experiences.

Market Opportunities

Rural connectivity: 5G has the potential to bridge the digital divide by providing high-speed connectivity even in remote areas, presenting an opportunity for smartphone makers.

Enterprise 5G: Growing deployment of private 5G networks at enterprises for applications like industrial IoT and immersive content creation offers significant opportunities.


Impact of COVID-19 on 5G Smartphone Market Growth
The outbreak of COVID-19 pandemic had a profound impact on 5G smartphone market growth globally. During the initial phases of pandemic in 2020, the sales of 5G smartphones witnessed a steep decline as lockdowns were imposed worldwide leading to supply chain disruptions and closure of retail stores. Many consumers postponed their smartphone upgrade plans given the economic uncertainties created by the pandemic. However, as the lockdowns were eased and people started spending more time online for work, education and entertainment purposes, the demand for high-speed internet connectivity increased rapidly. This drove the sales of 5G smartphones in later part of 2020 and in 2021.

The telecom operators also started aggressive promotions of 5G data plans and launched attractive device financing options to boost the sales. Many smartphone OEMs enhanced their online and e-commerce channels to reach consumers. The demand from remote workforces and online learning further augmented the sales momentum. It is estimated that more than 500 million 5G smartphones were sold globally in 2021, recovering much of the losses incurred in initial phase of pandemic. Nevertheless, the component shortages and supply constraints continued to plague the industry intermittently.

Going forward, as 5G network coverage expands worldwide and more affordable 5G smartphone options emerge, the sales are projected to grow exponentially. The deployment of 5G standalone architecture and myriad B2B and IoT applications of 5G will fuel this growth. However, the ongoing geopolitical issues and potential resurgence of new virus variants pose challenges. OEMs will need to keep optimizing their product portfolios, strengthening online presence and implementing flexible supply chain strategies to capitalize on the opportunities.

Geographical Regions with Highest 5G Smartphone Market Value

Currently, East Asia and North America account for the bulk of global 5G smartphone market value in terms of sales revenue. China, with its huge domestic market size and aggressive roll-out of 5G networks, has emerged as the largest 5G smartphone market globally surpassing other countries. Aggressive promotion activities by the Chinese smartphone OEMs like Huawei, Vivo, Oppo and Xiaomi have boosted the sales.

In the US, which is the second largest market, the deployment of 5G networks by Verizon, AT&T and T-Mobile coupled with attractive carrier programs as well subsidies have propelled the adoption of 5G capable smartphones from Apple and Samsung. Countries like South Korea and Japan have also seen robust growth aided by high purchasing power of consumers and availability of cutting-edge devices.

Fastest Growing Regional Market for 5G Smartphones

Middle East and Africa region has shown the fastest growth trajectory for 5G smartphones over the recent times. Countries like United Arab Emirates, Saudi Arabia and South Africa have accelerated the deployment of 5G networks to provide high-speed internet to denizens. As the networks offer enhanced speeds and low-latency, more consumers and enterprises are switching to 5G-enabled smartphones and IoT devices.

The socio-economic development programs focused on digital transformation across Middle East and African nations are also driving the sales of advanced mobile devices. Additionally, entry of Chinese OEMs with value for money 5G offerings and expansion of e-commerce are powering the growth. Going ahead, 5G is expected to proliferate further in rural regions, fueling the smartphone sales in Middle East and Africa region.

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