The Smartphone Market to Grow at a CAGR of 8.33% During the Forecast Period
Increasing GDP per capita income
and technological advancements are expected to drive the growth of the global
smartphone market.
According to
TechSci Research report, “Global Smartphone
Market –Industry Size, Share, Trends, Competition, Opportunity, and
Forecast, 2017-2027”. The global smartphone market is expected to reach USD809.95
billion by 2027F with a CAGR of 8.33% during the forecast period. Smartphone
sales are expected to increase during the forecast period due to increasing
consumer preference, rising disposable income, a growing 5G network sector, and
a rising population worldwide. However, two major smartphone that are more
trending in the global smartphone market are: foldable smartphones and 5G
smartphones. Many industry analysts see foldable phones as the smartphone's
future and a potential driver of renewed market growth. Several smartphone
OEMs, including Huawei, Xiaomi, Microsoft, Samsung, and Motorola, have recently
introduced foldable phones. 5G connectivity is likely to boost smartphone
purchases in developed and emerging regions. Advances in Internet penetration,
5G technology, and network provision will allow 5G smartphone users to download
a movie in less than a minute and browse the Internet 10 times quicker, causing
a spike in 5G smartphone purchases. Smartphone manufacturers expect that the
development of 5G will ignite a trend of increased sales of 5G-enabled
handsets, allowing the industry to reclaim sales statistics in the years ahead.
Innovations such as
foldable displays and 144Hz refresh rates have been introduced among the
premium flagship smartphones. Other improvements, including 120Hz and 90Hz
refresh rate displays, have also made their way into mid-segment devices. The
global smartphone market is segmented into operating systems, display
technology, distribution channel, region, and company. The market can be
segregated into Android, iOS, and others in terms of an operating system. Out
of these, the Android market had registered the highest market share of more
than 67% among all smartphone products in 2021, followed by iOS. The global
smartphone market is segmented into LCD, OLED, AMOLED, and others in terms of
display technology. OLED accounted for the highest market share of more than 33%
in the year 2021. With the increase in technology, companies have introduced
equipment for wireless charging. Now people don’t have to carry their charging
wires and search for charging points to charge their phones.
For much of the
smartphone industry, the leading companies have started using sustainable
sources to develop their technologies. With the changes in the population
around the globe, every company is encouraging their employees to use
sustainable resources. Due to the changes in government policies in different
countries, companies and manufacturers are developing eco-friendly products.
Browse over
111 market data Figures spread through 110 Pages and an in-depth TOC on "Global Smartphone
Market"
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The global
smartphone market is segmented into Asia-Pacific, Europe, North America, South
America, and the Middle East & Africa in terms of the regional analysis.
The Asia-Pacific region dominates the global smartphone market, followed by North
America in 2021. Smartphones are in high demand in countries with large
populations, such as China, Japan, and India. Changing consumer preferences
toward over-the-top platforms and rising disposable income
have fueled the growth of the Asia-Pacific smartphone market over the years. In
2021, North America became the world's second-largest market for smartphone. An
increase in smartphone demand in North America can be attributed to an
increasing population base, rising consumer purchasing power, and growing
urbanization.
Key market
players in the Global Smartphone Market include:
·
Apple
Inc.
·
Samsung
Electronics Co., Ltd.
·
Xiaomi
Communications Co., Ltd
·
vivo
Mobile Communication Co., Ltd.
·
Guangdong
Oppo Mobile Telecommunications Corp., Ltd
·
Huawei
Technologies Co., Ltd.
·
Motorola
Mobility LLC.
·
Realme
Chongqing Mobile Telecommunications Corp., Ltd.
·
Tecno
Mobile Limited
·
LG
Electronics
Samsung recently
merged its mobile division with its broader consumer unit, indicating that
smartphones have become part of a larger consumer electronics ecosystem.
Companies are reorganizing internally to break down silos between devices and
create a more integrated offering across categories. The seamless experience
across laptops, smartphones, tablets, and smart home devices will become even
more prevalent in the future. Brands already preparing to compete in an
ecosystem are likely to succeed.
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“Foldables and 5G
handsets have been around for three years and will become mainstream in the
coming years. While attempting to make these products "modern," firms
will broaden their offerings with AR/VR headsets and smart home devices that
complement their ecosystem.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Smartphone Market- Global Industry
Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027, Segmented By Operating
System (Android, iOS, and Others (Microsoft, Blackberry, etc.), By Display
Technology (LCD, OLED, AMOLED and Others (FHD+, LCD+FHD, etc.), By Distribution
Channel (Multi-brand store, Exclusive Store, Online and Others), By Region”, has evaluated the future growth potential of smartphone in global
market and provides statistics and information on market structure, size,
share, and future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the global
television market.
About TechSci Research
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