NEW YORK, November 23, 2016 /PRNewswire/ --
Global 4G (LTE) Devices Market Value to Increase from US$ 344.8 Bn in 2016 to US$ 926.1 Bn by 2024; Asia Pacific Regional Market to Register a CAGR of 17.1% between 2016 and 2024.
Persistence Market Research delivers key insights on the global 4G (LTE) devices market in a new publication titled "Global Market Study on 4G (LTE) Devices: Single Brand Store Distribution Channel Segment Expected to Witness Significant Growth Between 2016 and 2024" In terms of value, the global 4G (LTE) devices market is projected to register a healthy CAGR of 13.1% during the forecast period owing to various factors, regarding which Persistence Market Research offers vital insights in detail.
Drivers and trends impacting the 4G (LTE) devices 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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4G (LTE) devices Market forecast by Segments and By Regions
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 accounted for 37.6% share in 2015. 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 2016 and 2024. In terms of value, Asia Pacific is expected to create an incremental opportunity of US$ 315.0 Bn between 2016 and 2024. Europe has a relatively small but significant market share in the global 4G (LTE) devices market, as mobile device manufacturers in this region are relatively less prominent. The 4G (LTE) devices market in Asia Pacific is expected to gain substantial market share owing to a high demand from consumers based in countries such as China, Indonesia, and India. The 4G (LTE) devices market in Asia Pacific accounted for 35.9% market share in 2016 and is expected to gain 1,145 BPS to account for 47.4% market value share by 2024. The 4G (LTE) devices market in North America is expected to continue being the second largest market over the forecast period as there is maximum mobile device penetration in that region.
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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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