5G Smartphones Market Size, Share, Growth & Industry Analysis, By Product Type (Flagship Smartphones, Mid-Range Smartphones, Budget Smartphones), By Application (Consumer Electronics, Business, Gaming, Entertainment, IoT), By End User (Individual Consumers, Enterprises, Telecom Providers), and Regional Analysis, 2024-2031

5G Smartphones Market: Global Share and Growth Trajectory

Global 5G Smartphones Market size was recorded at USD 24.99 billion in 2023, which is estimated to be valued at USD 31.29 billion in 2024 and reach USD 142.42 billion by 2031, growing at a CAGR of 24.2% during the forecast period.

The global market is experiencing rapid growth, driven by increasing consumer demand for faster internet speeds, technological advancements, and the global rollout of 5G networks. This market encompasses a wide range of devices, including flagship smartphones, mid-range models, and budget-friendly options, all equipped with 5G capabilities.

As 5G networks continue to expand, smartphones with 5G support are becoming more mainstream, offering consumers enhanced mobile experiences, from ultra-fast download speeds to improved connectivity and real-time applications.

The adoption of 5G technology in smartphones is revolutionizing the way consumers interact with their devices, enabling faster data transmission, lower latency, and improved network reliability.

As 5G becomes more widely available, smartphones equipped with 5G chips are providing users with the ability to stream high-definition content, play graphics-intensive games, and access data-heavy applications with unprecedented speed and efficiency.

The growing demand for mobile broadband services, coupled with the increasing need for seamless connectivity in both urban and rural areas, is significantly boosting the growth of the 5G smartphones industry.

Technological advancements in mobile chipset design, along with the ongoing decrease in the cost of 5G components, are contributing to the rapid adoption of 5G smartphones across different price segments. As a result, 5G smartphones are becoming more affordable and accessible to a broader range of consumers, accelerating their adoption.

Additionally, manufacturers are increasingly integrating advanced features, such as improved cameras, enhanced AI capabilities, and longer battery life, into their 5G smartphone offerings, further driving market growth.

The global expansion of 5G networks is also playing a pivotal role in the growth of the 5G smartphones market. Telecom operators are investing heavily in infrastructure to ensure widespread 5G coverage, making 5G-enabled smartphones a necessity for consumers seeking to take full advantage of the next-generation mobile networks. Furthermore, the increasing demand for 5G smartphones in emerging markets, fueled by rising disposable incomes and the growing middle class, is contributing to the market's expansion.

Looking ahead, the 5G smartphones market is expected to continue its upward trajectory, driven by ongoing advancements in 5G network technology, growing consumer demand for high-performance mobile devices, and the continuous rollout of 5G infrastructure worldwide.

As 5G becomes the standard for mobile connectivity, smartphones with 5G capabilities will remain a key driver of innovation in the mobile device market.

Key Market Trends Driving Product Adoption

The 5G smartphones market is characterized by technological advancements, competitive innovation, and shifting consumer preferences. Key trends driving market growth include:

• 5G Network Rollouts: As 5G networks expand across the globe, smartphones capable of supporting 5G technology are becoming essential. Consumers are upgrading to 5G smartphones to take full advantage of the improved internet speeds, faster downloads, and seamless streaming capabilities.
• Enhanced User Experience: The integration of powerful processors, advanced camera features, and AI-based technology into 5G smartphones is enabling superior user experiences in gaming, video streaming, and augmented reality (AR) applications.
• Affordability and Accessibility: With increasing competition among manufacturers, 5G smartphones are becoming more affordable, making them accessible to a broader audience. Budget-friendly models, especially from brands like Xiaomi and Realme, are significantly contributing to the widespread adoption of 5G devices.
• Advanced Features: Beyond connectivity, 5G smartphones are equipped with cutting-edge features such as enhanced AI capabilities, 5G-enabled gaming, improved battery life, and high-performance cameras that appeal to both casual consumers and professional users.

Competitive Landscape and Key Players

Apple, Samsung, Huawei, Xiaomi, and OnePlus all account for a major share of the 5G smartphones market. These firms are at the top of the market, with high-end flagship models packing the latest in 5G technology.

Many new market entrants are coming up with competitive prices and are emphasizing on the provision of cost-effective 5G-enabled equipment. With intense competition, differentiation is essential, be it through smartphone capabilities or 5G offerings.

Consumer Behavior Analysis

Here are some reasons why consumers are increasingly using 5G smartphones:

• Better Connectivity: Consumers want to see faster speeds and lower latency to enable smoother browsing, gaming, and media consumption on the move.
• Future-Proofing: With 5G networks rolling out worldwide, many consumers are upgrading their devices to 5G smartphones to future-proof them for the ever-increasing data consumption and connectivity.
• Demand for Performance: The rising consumption of data-intensive applications such as 4K/8K video streaming, gaming, and VR/AR experiences is driving consumers toward deploying smartphones with higher processing capabilities and higher-speed network connectivity.

Pricing Trends

Prices for 5G smartphones have differed greatly with established brands such as Apple and Samsung charging premium prices for their flagship models based primarily on the unique features, build quality and brand reputation.

Conversely, entry-level devices from Xiaomi, Realme, Oppo among others are driving mass adoption in many emerging markets. With competition heating up, manufacturers are working hard to deliver consumers the best mix of price and performance and this is putting downward pressure on 5G smartphone price segment-wise.

Growth Factors

Several factors are contributing to the rapid growth of the 5G smartphones market:

• Global 5G Network Expansion: More and more countries are developing 5G networks, driving more demand for associated 5G smartphones. North America, Europe, and Asia-Pacific are experiencing the greatest levels of smartphone market growth due to rapid developments of 5G networks.
• Technological Advancements: New features are constantly being added to smartphones, AI cameras, newer processing technology, 5G responsive chipsets which entice consumers to seek more advancements in their smartphones.
• Government and Telecom Support: Government initiatives and telecom operators’ investments in 5G infrastructure are accelerating the adoption of 5G networks and supporting the growth of the smartphone market.

Recent Developments

The 5G smartphone industry continues its progress, fueled by ongoing innovations and regular releases of products. The latest trends include:

• Flagship Model Launches: Brands like Apple, Samsung, and Huawei have revealed prominent 5G smartphones made for fully utilizing 5G technologies.
• Mid-Range and Budget Models: Companies are gradually providing 5G-enabled smartphones that are affordable, extending the impact of 5G devices to a larger number of audience.
• Battery Improvements: With 5G technology requiring more power for continuous operation, smartphone manufacturers are focusing on enhancing battery life to ensure longer usage hours without sacrificing performance.

Current and Potential Growth Implications

Demand Supply Analysis

The demand for 5th generation smartphones has been driven by the increasing use of 5G networks by people. Disruptions in the supply chain and a lack of semiconductors limit the manufacturers' ability to produce such devices. Customers will face a lag time before they getting their new 5G phones.

Gap Analysis

In spite of notable improvements in the 5G smartphone industry, specific areas still require attention:

• Cost-Effectiveness: 5G smartphones limit accessibility, creating a rise in the need for cost-effective substitutes.
• Battery Life: Even with improvisations in battery life, consumers still seek batteries that last longer for supporting the demands of 5G networks and high-performance applications.

Top Companies in the 5G Smartphones Market

• Apple
• Samsung
• Huawei
• Xiaomi
• OnePlus
• Oppo
• Vivo
• Realme

5G Smartphones Market: Report Snapshot

5G Smartphones Market: High Growth Segments

The following of the 5G smartphone market are expected to observe robust growth:

• Mid-Range Smartphones: With immersive gaming on the rise, 5G gaming smartphones are becoming popular.
• Smartphones for Gaming: As immersive gaming is becoming well-known, 5G gaming smartphones are observing a wider acceptance.

Major Innovations

Latest advancements fueling the evolution of 5G smartphones:

• Advanced Chipsets: High-performance chipsets that allow for rapid processing and enhanced power management in 5G devices.
• AI Integration: AI-enabled innovations, like upgraded photography and smooth user interactions, are becoming necessary in 5G smartphones.
• 5G+ Connectivity: Effortless integration with Wi-Fi 6 and next-gen connectivity features improves the experience that smartphones give.

Potential Growth Opportunities

The 5G smartphone market faces multiple obstacles yet offers significant chances for growth:

• Cost Efficiency in 5G Devices: Finding measures that help in saving costs while making sure that 5G devices have superior quality is a rising challenge for manufacturers.
• Maintaining a Competitive Edge: With the rise in competition, companies must prioritize technological developments, robust branding techniques and cost-effectiveness for attracting consumers.
• Accelerating 5G Deployment: The growth of 5G coverage globally is creating an increase in demand for next-generation smartphones.

Kings Research says

The 5G smartphone market is composed for a substantial increase as the deployment for 5G networks advances worldwide. Companies that keep affordability, high performance, and technological innovation at priority will have are likely to sustain in the market. Businesses that confront to market demands and offer competitive 5G solutions will be strategically placed for success in this aggressive market.