New York, NY -- (SBWIRE) -- 11/07/2017 -- Mobile devices refer to portable, compact, and lightweight computing devices featured with touch or non-touch display screens and sometimes a mini keyboard. These devices support 4G connectivity and are used to carry out day-to-day computing tasks including web browsing and running software applications. Common types of mobile devices include mobile phones, smartphones, tablets, personal digital assistant (PDA), pagers, and navigation devices. There has been a global increase in the use of 4G (LTE) devices and this has led to an exponential growth of the global 4G (LTE) devices market.

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In terms of value, the global 4G (LTE) devices market is anticipated to expand at a CAGR of 13.1% during the forecast period (2016 – 2024) and is expected to account for US$ 926.1 Bn by 2024 end. Among all products in the mobile devices market, 4G (LTE) devices are projected to be the fastest growing segment over the forecast period. Smartphone is anticipated to be the fastest growing segment of the global 4G (LTE) devices market over the forecast period owing to continuous innovation in devices to utilize advanced network services. Out of the total 4G (LTE) devices, the smartphone segment accounts for over 80% of the global 4G (LTE) devices market share by value.

Market dynamics

Growing adoption of smartphones in developing countries and government initiatives for implementing technological advancements in networking infrastructure are the primary factors fueling a robust growth of the global 4G (LTE) devices market during the forecast period. Other factors contributing to market growth include growing demand for advanced networking technology, emergence of a wide range of new and robust connectivity options owing to the development of the Internet of Things (IoT), and growing consumption of HD video content. Increasing competition among both international and local device manufacturers offering a bundled solution of network and devices is expected to attract more consumers making the solution more affordable and technologically advanced. This further supports the growth of the global 4G (LTE) devices market during the forecast period.

However, regulatory uncertainties and lack of awareness about 4G (LTE) is likely to slow down market growth over the forecast period.

The global 4G (LTE) devices market offers good opportunities for manufacturers owing to an increasing demand for low cost smartphones in developing regions and the rising impact of IoT on 4G (LTE) devices.

Segment analysis

The global 4G (LTE) devices market is segmented as under:

By Device Type
Smartphones
Tablets
By Pricing
Low
Medium
Premium
By Distribution Channel
Multi-brand Store
Organized
Independent
Single brand Store
Online

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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 huge potential for low-end 4G (LTE) smartphones and tablets due to the advancements in network infrastructure. 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.

Regional analysis

The global 4G (LTE) devices market is segmented into the five key regions of North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The Asia Pacific 4G (LTE) devices market held the largest market share of 34.8% in 2015 in terms of value and is estimated to account for 35.9% revenue share in 2016, followed by the 4G (LTE) devices market in North America. Revenue contribution from the 4G (LTE) devices market in Asia Pacific is expected to increase at a CAGR of 17.1% from 2016 to 2024. In the North America region, market share of the smartphone segment is anticipated to witness a decrease from 74.9% in 2015 to 68.8% in 2024. This is due to the introduction of other innovative smart devices that use advanced networking technologies. The markets in Europe, Asia Pacific, and Middle East & Africa are expected to contribute significantly to the overall revenue growth of the global 4G (LTE) devices market. Sales of 4G (LTE) devices in the Latin America and Middle East & Africa regions is estimated to collectively account for over 12% market share in terms of value of the global 4G (LTE) devices market by 2016 end.