The global 5G smartphones market is entering a phase of accelerated maturity as network rollouts, chipset innovation, and new device form-factors combine to transform how consumers and enterprises use mobile devices. Fueled by expanding 5G network coverage, falling component costs, and the integration of AI and advanced sensors into handsets, the 5G smartphone ecosystem is poised for significant growth over the coming decade. This press release synthesizes insights from Kings Research and industry sources to present market growth, trends, demand dynamics, segmentation, key players, and regional analysis in both narrative and bullet formats.
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.
Executive summary
The 5G smartphones market is evolving from early adoption to mainstream expansion. As mobile network operators continue to expand mid- and low-band 5G coverage and vendors roll out more cost-effective 5G chipsets, smartphone OEMs are introducing a wider range of 5G models across price tiers and categories (flagship, mid-range, entry, foldable). Kings Research notes that semiconductor and chipset advances are central to this transition, enabling premium features (on-device AI, multi-sensor imaging, advanced modem-RF systems) while lowering costs for mass-market devices. Independent market estimates project strong multi-year growth, reflecting both unit replacement cycles and broader 5G subscription expansion.
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Top Companies in the 5G Smartphones Market
- Apple
- Samsung
- Huawei
- Xiaomi
- OnePlus
- Oppo
- Vivo
- Realme
Market growth
Global market trends point to robust expansion driven by network deployments, higher average selling prices for premium 5G models, and rising 5G adoption. Key growth enablers include chipset integration, operator subsidies, and the proliferation of data-intensive mobile services.
- Projected market drivers:
- Expanding 5G coverage and capacity — operators are scaling mid-band deployments and densifying networks.
- Chipset cost reductions and integration — newer SoCs combine 5G modems, AI accelerators, and imaging processors into single packages.
- Premium feature adoption — foldables, high-refresh OLEDs, and multi-camera arrays push ASPs upward for advanced 5G models.
Market trends
The 5G smartphone market is being reshaped by several converging trends:
- On-device AI and edge intelligence: Dedicated NPUs in SoCs enable real-time AI features like photo enhancement and voice assistants.
- Shift to mid-range 5G: Cost-effective chipsets bring 5G functionality to more affordable price points, expanding adoption in emerging markets.
- Form factor innovation: Foldable and dual-screen devices are moving from niche to mainstream, leveraging 5G for multitasking and media experiences.
- Energy and thermal optimization: Power efficiency and thermal design are increasingly critical with higher modem activity and AI workloads.
- Operator-OEM ecosystem tie-ins: Carrier promotions, bundled services, and financing options influence purchasing decisions.
Demand dynamics
Consumer and enterprise demand for 5G smartphones is driven by functional needs and aspirational purchasing.
- Consumer demand drivers:
- Faster downloads, streaming, and cloud gaming experiences.
- Advanced camera and AI features combined with 5G connectivity.
- Enterprise demand drivers:
- Field workforce connectivity, AR-enabled maintenance, and secure mobile virtualization.
- Price sensitivity and replacement cycles:
- Replacement is driven by features and carrier upgrades; low-cost 5G SoCs accelerate adoption in emerging markets.
Market dynamics
Competition is intense among global brands, chipset suppliers, and regional device makers.
- Supply chain pressures: Component availability and geopolitical factors influence pricing.
- Vertical integration: OEMs invest in proprietary silicon and software to differentiate and control margins.
- Regulatory and standards environment: Spectrum allocations and national 5G policies affect rollout and device pricing.
Segmentation
The market can be segmented across price tier, form factor, chipset, OS, sales channel, and geography.
- By price tier:
- Premium/Flagship: High-end devices with advanced features.
- Mid-range: Near-flagship features with cost-effective chipsets.
- Entry-level: Affordable devices expanding 5G adoption.
- By form factor:
- Conventional slab phones, foldables, ruggedized, gaming phones.
- By chipset/modem type:
- Integrated modem SoCs vs. discrete modems; mmWave vs. sub-6 GHz support.
- By distribution channel:
- Carrier channels, retail, e-commerce, B2B procurement.
Regional analysis
Regional variations in adoption, pricing, and operator strategies create differentiated profiles.
- Asia-Pacific (APAC): Largest volume share; rapid 5G rollout in China, South Korea, and India; mid-range adoption growing.
- North America: High ASPs; early deployment of mid/high-band and mmWave; strong enterprise adoption.
- Europe: Steady rollout; sustainability and repairability influencing purchases.
- Latin America & MEA: Emerging 5G coverage; adoption driven by affordable mid-range devices and operator investment.
Opportunities & challenges
- Opportunities:
- Monetization through bundled services.
- Adjacency markets: wearables, XR headsets, automotive integration.
- Emerging markets: lower-cost 5G devices expand adoption.
- Challenges:
- Fragmented standards and spectrum timing.
- Supply chain constraints and geopolitical risks.
- Sustainability and circularity requirements.
Recommendations for industry stakeholders
- OEMs: Prioritize rapid migration of flagship features to mid-range devices; invest in proprietary software and chip partnerships.
- Chipmakers: Focus on integration of 5G modems, AI accelerators, and power optimization.
- Carriers: Bundle services to increase ARPU and support device subsidies.
- Investors: Target component ecosystems and services that extend connectivity value beyond the device.
Closing statement
As 5G networks scale and silicon evolves, smartphones remain the primary interface for connected life. Ubiquitous 5G devices will reshape consumption, enterprise workflows, and adjacent technology markets. Companies combining compelling hardware, differentiated software, and smart regional go-to-market strategies are well positioned to capture value in this evolving ecosystem.
About this release
This release synthesizes insights from Kings Research reports and industry analyses. Key inputs include semiconductor and mobile industry trends, market sizing, and forecasts, alongside operator and standards bodies’ data on 5G subscriptions and deployments. Kings Research provides full reports, data tables, and bespoke consulting for organizations seeking detailed market intelligence.
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