by The global Lte Market is estimated to be valued at US$ 6213.75 Mn in 2023 and is expected to exhibit a CAGR of 78.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Lte or Long Term Evolution is a 4G wireless technology standard that delivers faster speeds and improved coverage compared to 3G. Lte uses advanced technologies like MIMO to transmit multiple data signals simultaneously, which increases the data bandwidth. It supports speeds up to 1 gigabit per second for stationary users and up to 100 megabits per second for mobile users. As majority of population now uses smartphones and other mobile devices, Lte has become integral part of mobile networks as it delivers high-speed data and robust connectivity required for apps, videos and online activities on mobile devices.
Market key trends:
The increased usage of and dependency on smartphones, tablets and other mobile connected devices globally is a key driver of Lte market growth. More than 5 billion smartphones were sold globally in 2020 reflecting widespread adoption of mobile technology. Continuous streaming of high resolution videos, online gaming and use of bandwidth intensive apps have increased data consumption exponentially, requiring advanced network technologies like Lte. High penetration of enterprise mobile apps is also augmenting lte adoption for seamless connectivity. Rising Iot connectivity for devices and growing focus on rural connectivity through initiatives like rural Lte projects are expected to further fuel Lte deployments in upcoming years.
Porter’s Analysis
Threat of new entrants: The LTE market has moderate threat from new entrants due to high initial investments required for infrastructure build out. However established players are focusing on innovative technologies which pose low threat to new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate since LTE connectivity has become basic necessity. However, presence of multiple operators provides options to buyers.
Bargaining power of suppliers: Core infrastructure providers like telecom equipment makers have significant influence due to proprietary technologies and intellectual property. This gives them bargaining power over network operators.
Threat of new substitutes: There is low threat from substitutes since 4G/LTE is continuously evolving with innovative services. Upcoming 5G network is expected to integrate with LTE, hence no major substitute threat.
Competitive rivalry: The global LTE market witnesses high competition due to presence of numerous international and regional players focusing on improving technological capabilities and service quality.
Key Takeaways
The Global LTE Market Size is expected to witness high growth, exhibiting CAGR of 78.% over the forecast period 2023 to 2030, due to increasing mobile data traffic and emergence of IoT. The market size is estimated to be US$ 6213.75 Mn in 2023.
Regional analysis: Asia Pacific region is expected to dominate the LTE market during the forecast period. Countries like China and India have witnessed highest mobile data consumption due to affordable tariffs and growing affinity towards streaming services. North America and Europe hold significant share and will exhibit moderate growth rate.
Key players: Key players operating in the LTE market are AT&T Inc., Huawei Technologies Co. Ltd., Verizon Wireless, Nokia Solutions and Networks B.V., Sprint Corporation, Alcatel-Lucent, T-Mobile US Inc., LM Ericsson, China Mobile Ltd., and Bharti Airtel Ltd. These players are focusing on advanced technologies like 5G, IoT, and MIMO to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
