The Global Smartphone Market Size is expected to be worth USD 520.13 Billion in 2021 and is estimated to reach up to USD 947.11 Billion by 2030, at a compound annual growth rate CAGR of 4.10% from 2021 to 2030. In terms of hardware, software, and a range of mobile operating systems, smartphones are a subset of mobile phones that differ from feature phones. Smartphones provide a wide range of services, such as multimedia music, video, games, and photography, voice and video calls, the internet including online surfing, and a number of software features. Numerous operating systems, such as iOS by Apple, Android by Google, Windows by Microsoft, Blackberry Operating System, and others, can be used on smartphones. As social networking sites like Facebook and Twitter have grown in popularity, smartphone usage has increased as well.
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The advancement of smartphones throughout time, modern features such the GPS, gyroscope, flash memory, optical fingerprint sensors, near field communication NFC, augmented reality, and virtual reality are now standard. During the forecast period, the smartphone market has grown and changed continuously. 40% of people worldwide are predicted to own a smartphone by 2022. The number of smartphone subscribers globally has topped six billion, according to Ericsson, with several hundred million more projected in the next years. China, India, and the United States are the three nations with the highest smartphone usage rates.
The supply and demand balance for the smartphone market has been completely disrupted by the Covid-19 epidemic. The state-wide shutdown has badly damaged the smartphone manufacturing industry by delaying shipments and slowing the development of next-generation goods because China is the global production hub for the majority of these devices and components. The nation has also lost access to its supply chains, labor force, and logistics networks. Furthermore, as a result of customers' desire to reduce luxury spending and concentrate on essentials in response to the epidemic, consumer demand for cellphones has declined, particularly in the premium segment.
increasing Adoption of Smartphones in Emerging Markets Propel Market Growth
In developed countries, demand for smartphones has surged since urban individuals are much more likely to have smartphones than are rural populations. The demand for smartphones has surged as a result of the inclusion of Artificial Intelligence AI technologies in numerous mobile devices. Strong smartphone AI chips are being released by major market players like Apple, Samsung, and Huawei that can perform up to 5 trillion operations per second while consuming a great deal less power.
Expansion of 5G Networks Propel Smartphone Demand in Globe
It is anticipated that the rollout of 5G networks and 4G LTE technology in a number of developing nations will increase smartphone sales in those nations. To address the rising demand for 4G and 5G smartphones among tech-savvy consumers, various smartphone manufacturers are concentrating on the release of 5G handsets. Costs for 4G smartphones are probably going to decrease as demand for 5G handsets increases, leading to a rise in sales volume.
Increasing Accessible Income to Promote Smartphone Sales
The global populations disposable income has expanded, improving consumers capacity to spend on media, entertainment, mobile technology, and networking. Purchases of electronic devices, including smartphones, laptops, tablets, and gaming consoles, have considerably increased in recent years. A 2016 independent survey of electronic device manufacturers found that demand for smartphones has dramatically increased as consumer disposable income has grown, especially in emerging nations. Therefore, it is anticipated that during the course of the projected period, increasing disposable income will propel growth in the global smartphone market.
Global Smartphone Market Report Coverage
|Market Size in 2021:||USD 520.13 Billion|
|Forecast Period 2021-2030 CAGR:||4.10%|
|2030 Value Projection:||USD 947.11 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||230|
|Tables, Charts & Figures:||92|
|Segments covered:||By Operating System, By Price Range, By Distribution Channel, By Region, COVID-19 Impact Analysis|
|Companies Covered:||Apple Inc., SAMSUNG, Google LLC, Sony, BBK Electronics Corp. LTD, Huawei, Motorola (Lenovo), Nokia (HMD Global), LG Electronics, HTC Corporation, ASUS, Others|
|Growth Drivers:||1) increasing Adoption of Smartphones in Emerging Markets Propel Market Growth 2)Expansion of 5G Networks Propel Smartphone Demand in Globe|
|Pitfalls & Challenges:||Demand Stabilization in High-End Markets Limit Market Growth|
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Demand Stabilization in High-End Markets Limit Market Growth
Premium smartphone makers Apple Inc. and Samsung provide high-end phones, which have witnessed an increase in demand in recent years, notably in developed nations like the United States, Canada, and Europe. On the other hand, consumers in price-sensitive areas like China and India want smartphones that offer the same functionality as high-end smartphones but at a lesser price.
The Global Smartphone Market is segmented by Operating System, Price Range, Distribution Channel, and Region. Based on the Operating System, the market is categorized into android, iOS, and others. Based on Price Range, the market is categorized into Low Range, Medium Range, and Premium range. Based on Distribution Channel, the market is categorized into OEMs, Retailers and Online. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.
By Operating System Insights
The global smartphone market is divided into three categories based on operating system: iOS, Android, and Others. Due to the most popular operating system among application developers and smartphone makers, the android sector has dominated the market share of the global smartphone industry in 2021. Compared to other operating systems, Android provides apps that are largely free. In-app purchases are available, though, and these bring in more money for this market.
By Price Range Insights
The worldwide smartphone market is divided into three price ranges: low range, medium range, and premium range. As millennials disposable income rises and their attention shifts from low-end to medium-end smartphones due to their superior features and specs, the medium range sector will hold the lion's share of the global smartphone market in 2021.
MARKET SEGMENTATION: BY REGION
The Global Smartphone Market is categorized into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
Asia Pacific is anticipated to have the largest market share of the worldwide market for smartphone due to the rising per capita and disposable income in the region. The presence of a sizable population with increasing disposable income, and a growing enthusiasm among the public to adopt new technologies and services companies such as Jio, Airtel, and others are increasing demand by providing data at the lowest possible cost while simultaneously slowly increasing smartphone use in India. Demand for smartphones at entry-level price points is anticipated to rise as a result of increased demand from the region's developing nations, particularly India and Indonesia, where smartphones are swiftly gaining traction in rural areas as local governments push for a mobile and digital economy. However, North America is anticipated to see the highest CAGR throughout the projected period market growth is anticipated to be boosted by key players' rising launches of new brands and their presence in the area. Key players and startups are using strategies utilized by major luxury corporations to expand their businesses.
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- Apple Inc.
- Google LLC
- BBK Electronics Corp. LTD
- Motorola (Lenovo)
- Nokia (HMD Global)
- LG Electronics
- HTC Corporation
- July 2021, Samsung has released the Galaxy A22 5G, a new smartphone. It provides two-year OS updates and support for 11 bands for 5G in India.
- August 2021, Lenovo and Dixon Technologies have partnered to expand their smartphone manufacturing facilities in Noida, Uttar Pradesh.
The scope of the report includes a detailed study of regional markets for Global Smartphone Market. The Global Smartphone Market is segmented by Operating System, Price Range, Distribution Channel, and Region. It discloses the state of the market and the outlook. The study also discusses the important information that is displayed in tables and graphs. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global Smartphone Market.
By Operating System
By Price Range
- Low Range
- Medium Range
- Premium range
By Distribution Channel
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific-China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
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