5G smart phones are devices with the latest iteration 5G cellular technology, which is engineered to greatly increase the responsiveness and speed of wireless networks. 5G smartphones are characterized on the basis of aggressive pricing, innovative features, technology designs, and increased data transfer rate. These smart phones allow the users to access the high-speed network and offers them enhanced experience in terms of data transfer speed. The fast-charging capability and the low-power consumption of 5G smartphones are expected to increase the demand for these smart devices across the globe.
COVID-19 Impact on 5G Smart Phone Market
The outbreak of COVID-19 across the globe has negatively impacted the global 5G smart phone market growth. The global market suffered due to the shutting down of manufacturing operations and the shortage of the 5G chipsets in the industry owing to the disruption in production. Besides, the pandemic has affected the manufacturing of semiconductors across the globe.
However, the global 5G smart phone market is expected to grow at a higher-level post coronavirus situation owing to the rising demand for the seamless internet connectivity and increasing adoption of IoT and connected devices.
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5G Smart Phone Market Trends and Developments
The companies operating in the global industry are adopting several growth strategies and business tactics such as partnerships, collaboration, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the global 5G smart phone market growth in the upcoming years.
For instance, in January 2019, Sprint Corp, the US wireless carrier announced to release 5G smartphones in the US with Samsung Electronics Co. as 5G offers data speeds up to 50 or 100 times faster than the 4G network. Sprint plans to include 9 US cities in the rollout of 5G smart phones. The cities include Atlanta, Dallas, Chicago, Houston, Los Angeles, Kansas City, New York City, Washington D.C., and Phoenix.
In October 2020, Apple, an American multinational technology company, introduced iPhone 12 Pro and 12 Pro Max with a powerful 5G experience and enhanced technologies. The 5G smart phones features the powerful A14 Bionic, pro camera system, Ceramic Shield new design, LiDAR Scanner, and the Super Retina XDR display.
In September 2021, Samsung, a leading multinational electronics corporation, announced the launch of ‘Galaxy F42,’ its first F series 5G smartphone in India. The smart phone comes with a host of splendid features, such as 64MP triple camera along with night mode, 6.6” FHD+ display screen with 90Hz refresh rate, and 12 bands 5G support.
In October 2021, Dixon Technologies, the domestic electronics manufacturing company, and Orbic, a US based smartphone manufacturer, entered into an agreement to manufacture smart phones at Padget’s manufacturing facility at Noida, Delhi. Powered by Snapdragon 750G 5G network, the all-new Orbic Myra 5G UW is Orbic’s first 5G millimeter wave (mmwave) product which will be produced in India and exported to the US.
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Forecast Analysis of Global Market
The global 5G smart phone market is projected to witness an exponential growth over the forecast period, owing to the rapid growth in technological advancements and the growing demand for ultra-high bandwidth across the globe. Conversely, the rise in the prices of 5G smart phones is expected to hamper the market growth in the projected timeframe.
The increasing demand for connected devices worldwide and the rising demand for high-speed internet connectivity for IoT-based applications, such as energy management and connected homes are the significant factors and 5G smart phone market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global 5G smart phone market is expected to garner $6,574.7 billion during the forecast period (2021-2028). Regionally, the market in Europe is estimated to witness fastest growth by 2028, owing to the growing adoption of 5G network in the region, which is pouring the need for the smart phones with high-speed data transfer compatibility.
The key players functioning in the global market include Huawei Technologies Co., Ltd., Apple Inc., Samsung Electronics Co. Ltd., Motorola, Inc., LG Electronics Inc., BBK Electronics, Xiaomi Corporation, Nokia Corporation, TCL Communication Limited, and Lenovo Group Limited.
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