Smartphone Market Report Overview
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The global smartphone market size is expected to be USD 1885.4 million in 2022 and is projected to touch USD 2992.38 million by 2031, exhibiting a CAGR of 5.3% during the forecast period.
Smartphone is a handheld device that empowers various advanced access to digital functions and internet-based facilities. Numerous applications developed by third parties are supported by platforms like iOS, Android, Windows Phone, and others. Governmental assistance for the development of telecom infrastructure, product launches that prioritize Artificial Intelligence (AI), cost, the emergence of 5G technology, and other technologies, and most crucially, rising disposable income, all contribute to the market's expansion. Additionally, according to the Global System for Mobile Communications (GSMA), using mobile phones specifically reduces commuter and leisure trips.
Smartphones are a subset of mobile phones that differ from feature phones in terms of their robust hardware and software capabilities as well as their variety of mobile operating systems. A smartphone has a wide range of features, including web browsing, voice and video calls, music, video, gaming, and camera capability, as well as multimedia, audio, and video functionality. Different operating systems, including Android (by Google), iOS (by Apple), Windows (by Microsoft), Blackberry Operating System, and others, are used in cell phones. The use of cell phone has surged as social media platforms like Facebook and Twitter have grown. The capabilities of cell phones have significantly increased over time.
COVID-19 Impact: Disruption in Demand and Supply Hindered Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with smartphone market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to smartphone market growth demand returning to pre-pandemic levels once the pandemic is over.
The World Health Organization classified COVID-19 as a pandemic in 2020. Without a doubt, it has impacted practically every market. The equilibrium between supply and demand in the mobile phone industry has been significantly upset. Consequently, the shipments decreased. The main cause is a widespread lockdown in China, India, the United Kingdom, the United States, and other important nations. In a few nations, the rising costs were attributed to factors such as greater transportation costs, currency/tax devaluations, quarantine requirements, travel restrictions, and shortages of certain components, particularly semiconductor components during the pandemic. Consumer purchasing behavior is still being impacted by the COVID-19 pandemic, which has once more started to do so. Accordingly, stricter rules for working from home and the closing of factories across many nations as a result of the second wave in 2021
LATEST TRENDS
"Growing Trend of E-Commerce and M-Commerce to Boost Market Growth"
The market is expected to grow in the forecast period owing to the expanding adoption of m-commerce and e-commerce. These factors are attracting a large population and thus, expected to boost the demand for smartphones. The escalating penetration of the internet is increasing the sale of various products. The retailers are signing their stores on internet which is helping the population to experience easy shopping. Rising awareness about online shopping is expected to boost smartphone market growth. The population prefers buying products online as it offers more convenience and an easy return policy. Phones with strong operating systems, internet, wider software applications, and strong hardware compatibilities are expected to surge the adoption of advanced electronic devices.
Smartphone Market Segmentation
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- By Type Analysis
By type, the market is segmented into android, iOS, and windows phones.
iOS segment is most likely to dominate the market by virtue of growing demand for premium class phones. Apple phones are experiencing a major growth in the demand from developing economies such as China, Japan, and India.
- By Application Analysis
Based on application, the market is classified into children, adults, and the old.
DRIVING FACTORS
"Launch of 5G Smartphones to Boost Product Demand"
In the modern period, 5G is a popular feature in mobile phones globally. Within the next five years, it's projected that existing cell phones will be replaced by 5G-compatible models. This trend is brought on by how simple it is to switch to embedded services like cloud storage, content subscription, and high-speed network access. The market presence of mobile devices that support 5G is also being improved by the increased demand for virtual and augmented reality. Additionally, the availability of inexpensive, low-power devices with fast charging capabilities is propelling them to the top of the global rankings.
"Rising Disposable Income of Population to Foster Growth"
The amount of disposable cash available to consumers has increased, which has raised the likelihood that they will spend money on media, entertainment, mobile technology, and networking. In recent years, there has been a noticeable rise in the purchase of electronic gadgets such gaming consoles, laptops, tablets, and cell phones. Due to rising consumer disposable income, particularly in emerging economies, the demand for cell phones has significantly expanded. Therefore, rising disposable income around the world is anticipated to fuel the expansion of the worldwide smartphone market during the forecast period. In order to create technologically cutting-edge gadgets that appeal to modern customer tastes, cell phone makers are investing more money in research and development projects
RESTRAINING FACTORS
"High Price of the Product to Impede Market Growth"
The premium cell phone manufacturers such as Samsung, Apple, and One plus develops high end phones that are launched at high prices which resists the middle class population from buying it. Lack of standard industry policy is also expected to affect the smartphone market growth.
Smartphone Market Regional Insights
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"Rising Consumer Preference for IOS to Drive Major Growth in Asia Pacific"
North America is forecasted to hold a major part of the smartphone market share due to the rising consumer preference for iOS over android in the developed countries. The higher per capita income of the population is expected to surge major demand for the product in the global market.
Europe is expected to hold a significant market share owing to the rising demand for premium class smartphones in the region.
Asia Pacific is anticipated to hold a prominent part of the smartphone market share by virtue of the vastly developing telecom sector and the presence of major customer base. Moreover, the region is highly investing in the development of 5G network technology is likely to surge growth in the global market.
KEY INDUSTRY PLAYERS
"Key Players Focusing On Innovative Technology Development to Grow in Market"
The industry's top businesses, including Apple, Inc., Sony Group Corporation, Oppo, Samsung, and Vivo, among others, are continually releasing cutting-edge mobile devices that utilize 5G technology, which is, in turn, promoting market expansion. Sony Group Corporation launched the "Xperia PRO-I product," which combines autofocus with advanced picture processing, 1.0-type sensor, 4K 120p video recording, and other features to offer its end-users with a novel experience.
List of Market Players Profiled
- Apple (U.S.)
- Samsung (South Korea)
- Huawei (China)
- OPPO (China)
- Vivo (China)
- Xiaomi (China)
- Lenovo (China)
- LG Electronics (South Korea)
- Sony (Japan)
- ZTE (China)
- ASUSTeK Computer (China)
- BlackBerry (Canada)
- Gionee Communication Equipment (China)
- Google (U.S.)
- Micromax (India)
- Microsoft (U.S.)
- Nokia (Finland)
- OnePlus (China)
- Panasonic (Japan)
REPORT COVERAGE
An overview of the product is provided along with the product description. Numerous industry elements are included in the research.
- The pandemic's aftereffects and the subsequent lockdown.
- The market's most recent trend is currently fueling expansion.
- The factors are most likely to stimulate market growth.
- The reasons the market is expected to grow more slowly.
- A comprehensive regional analysis of the market is conducted.
- Significant players and their business offices are also covered in the article.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 1885.4 Million in 2022 |
Market Size Value By |
US$ 2992.38 Million by 2031 |
Growth Rate |
CAGR of 5.3% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2022 |
Historical Data Available |
Yes |
Segments Covered |
Type & Application |
Regional Scope |
Global |
Frequently Asked Questions
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What is the projected value of the smartphone market by 2031?
According to our analysis, the smartphone market will reach USD 2992.38 million by 2031.
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What is the predicted CAGR for the smartphone market by 2031?
By 2031, the smartphone market is predicted to grow at a 5.3% CAGR.
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What are the smartphone market segments?
By type, the smartphone market is segmented into android, iOS, and windows phone. Based on application, the smartphone market is classified into children, adults, and the old.
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Which factors are driving the smartphone market?
lauch of 5g smartphones to boost product demand and rising disposable income of population to foster growth are the factors driving the smartphone market.
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Which are the biggest players in the smartphone market?
Apple, Samsung, Huawei, OPPO, Vivo, Xiaomi, Lenovo, LG Electronics, Sony, ZTE, ASUSTeK Computer, BlackBerry, Gionee Communication Equipment, Google, Micromax, Microsoft, Nokia, OnePlus, and Panasonic are the top companies operating in the smartphone market.
