According to the recent research report titled ‘5G Smartphone Market Share, Size, Trends, Industry Analysis Report, By Operating System; By Sales Channel; By SIM Type; By End User ; By Regions; Segment Forecast, 2020 – 2027’, available with Market Study Report, global 5G smartphone market is expected to grow at a whopping CAGR of 122.7 during 2020-2027.
 

Surging demand for high speed internet from small and large businesses, as well as from individuals for a buffer-free streaming experience, along with growing popularity of OTT (over-the-top) services like Disney+, Hulu, Amazon Prime, Netflix, are the key factors driving the global 5G smartphone market growth. Additionally, implementation of government regulations promoting the adoption of 5G spectrum, along with collaboration between telecommunication providers, chipset providers, and smartphone manufacturers to accelerate commercialization of 5G will enhance the overall market outlook.
 

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For the uninitiated, 5G smartphone devices support fifth generation of mobile networking and require 5G compatible receivers and sensors in order to provide additional speeds. 5G is believed to be 100 times faster than its previous technologies, with a speed estimation of up to 10 Gbps. Currently, China is leading the 5G race with other economies steadily adopting the technology, thereby favoring the expansion of global 5G smartphone industry size.
 

As per credible sources, in 2019, demand for 5G smartphones was reached 12.42 million units, which plunged during the first quarter of 2020 owing to the outbreak of COVID-19 pandemic. The price fall continued till the second quarter of 2020. Moreover, emergence of low prices of Chinese 5G devices also hampered global 5G smartphone industry expansion. However, the market is anticipated to regain momentum during the third and fourth quarter of 2020.
 

From a regional perspective, 5G smartphone industry in China will witness modest gains as the government has decreased cost of licensing to accelerate the roll-out of 5G services. Meanwhile, US 5G smartphone industry is picking up pace as the U.S. Federal Communications Commission (FCC) has revised rules governing equipment modification, allowing the installation of new hardware on existing poles to reduce capital costs and speedup 5G deployment.
 

Leading organizations in global 5G smartphone market are Xiaomi Corporation, TCL Communication Technology Holdings Limited, LG Electronics Inc., BBK Electronics Corporation, Lenovo Group Limited, Motorola, Inc., Huawei Technologies Co., Ltd., China Mobile Limited, Ericsson, Samsung Electronics Co. Ltd., and Apple, Inc.