In terms of value, the global 4G (LTE) devices market is projected to register an astronomical CAGR of 16.7% during the forecast period of 2021 to 2031, owing to various factors, regarding which, Persistence Market Research offers vital insights in detail. The industry is anticipated to top a valuation of approximately US$ 185 Bn by the end of 2031.
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Drivers and Trends Impacting Market
Consumers are increasingly becoming inclined towards technological advancements in networking solutions and are adopting devices that operate smoothly and with intelligent features. The features in devices such as low network latency rate, better battery backup, and screen resolution are attracting consumers to switch to 4G (LTE) devices thus fueling the demand for 4G (LTE) devices worldwide.
Convenience, affordability, and attractive data packages offered by network operators in collaboration with device manufacturers are factors encouraging consumers to try 4G (LTE) devices. This, in turn, is increasing the penetration of 4G (LTE) devices globally.
Device manufacturers at international and domestic levels are playing an important role in the global 4G (LTE) devices market by innovating in different ways. For instance, manufacturers are collaborating with network providers to provide a better service and make it more affordable for their customers.
Government initiatives in some regions to encourage deployment of advanced network data consumption is impacting the global 4G (LTE) devices market positively. Traffic for online high-quality video content is increasing, making consumers opt for advanced network operating devices featuring high-speed data.
Besides other factors, increasing data consumption per person per day is anticipated to drive revenue growth of the global 4G (LTE) devices market.
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Market Forecasts
The global 4G (LTE) devices market is segmented on the basis of Device Type (Smartphones, Tablets); Pricing (Low, Low-Mid, Mid-High, Premium); Distribution Channel (Multi-brand Store [Organized, Independent], Single brand Store, Online); and Region (North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa).
Globally, the single brand store distribution channel segment is expected to witness significant growth over the forecast period as compared to the multi-brand store and online distribution channel segments, which are expected to witness relatively flat growth rates over the forecast period.
In terms of value, the low price range segment in the Asia Pacific 4G (LTE) devices market is expected to account for 1/3 share in 2031. The developing countries in this region showcase the huge potential for low-end 4G (LTE) smartphones and tablets due to the advancements in network infrastructure.
This report covers trends driving each segment and offers analysis and insights into the potential of the global 4G (LTE) devices market in specific regions. The 4G (LTE) devices market in Asia Pacific and North America is expected to register high growth rates between 2021 and 2031.
Competitive Landscape
The report profiles some of the leading players operating in the global 4G (LTE) devices market such as Apple Inc., Samsung Electronics, ZTE Corporation, Huawei Technology Company Limited, Lenovo Group Limited, ASUSTeK Computer Inc., Xiaomi Inc., and LG Electronics Inc.
Top market companies are focusing on increasing their offline presence by partnering with local retailers and are also making a swift strategic transition from 3G to 4G cellular data consumption.
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