Smartphone Market Analysis
The global smartphone market will reach USD 978.2 billion at a 6.80% CAGR by 2030, states the new Market Research Future report.
Rising Disposable Income to Boost Market Growth
The rising disposable income across the globe will boost market growth over the forecast period. Consumer disposable income has expanded globally, increasing the possibilities of consumers spending on media, entertainment, mobile communication devices, and networking. Of late, there has been a substantial growth in the purchase of electronic gadgets such as smartphones, tablets, computers, and game consoles.
Multiple Benefits of Using Smartphones to offer Robust Opportunities
The multiple benefits of using smartphones will offer robust opportunities for the market over the forecast period. These benefits include marketing, using social media, video calls, presentation making, article writing, blogging, video making, music playing, calling, and web browsing.
Market Size in 2030
USD 978.2 Billion
CAGR of 6.80%from 2022 to 2030
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Lack of Standard Industry Policy to act as Market Restraint
The lack of standard industry policy associated with video/voice chat transfer in the LTE network may serve as a market restraint during the assessment period.
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Saturation in High-End Markets to act as Market Challenge
The saturation in high-end markets may act a market challenge over the forecast period.
The smartphone market is bifurcated based on distribution channel, operating system, input device, and type.
By type, media-centric will lead the market over the forecast period.
By input device, touchscreen will dominate the market over the forecast period.
By operating system, Android will spearhead the market over the forecast period.
By distribution channel, e-Commerce will have the lions share in the market over the forecast period.
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The Covid-19 epidemic has seriously disturbed the supply-demand equilibrium in the smartphone market. Because China is the global manufacturing center for the majority of these devices and components, the smartphone manufacturing sector has been negatively impacted by delayed shipments and impaired development of next-generation products. Furthermore, the country has been cut off from suppliers, labor, and logistics networks. Furthermore, consumer demand for cellphones, particularly in the premium category, has decreased as a result of the pandemic's tendency for customers to cut back on luxury spending and focus on necessities.
APAC to Lead Smartphone Market
China & India are the most popular locations for technology enterprises. Rising disposable income and a growing population in this region are important factors driving market expansion. People in Asia Pacific are increasingly adopting new technologies and services, which is expected to increase smartphone demand in the near future. Expanding population, rising digitization, improved cellular infrastructure, and rising disposable incomes in nations such as India and China are driving growth in the APAC smartphone industry.
The increased demand from developing countries in the region, such as India and Indonesia, where smartphones are increasingly accessing rural regions as local governments push for digital and mobile economies, is likely to drive demand for smartphones at entry-level price points. For example, the Government of India's the Digital India program is a flagship program aiming largely at transforming the country into a digitally enabled society. Furthermore, India launched the PLI Scheme, which granted a 6-4% bonus on incremental sales of manufactured phones over 2019-2020 for five years. To win the award, high-end multinational mobile phone manufacturers, or those producing handsets worth more than USD 200, had to sell items worth INR 400 million in 2020-21.
Such government initiatives are likely to improve the country's smartphone market. The Asia-Pacific area is a big market for smartphones, owing to the region's rapidly increasing telecom sector and large client base. Furthermore, the region is boosting its investment in mobile networks. Countries like India, Australia, Japan, Singapore, & South Korea are expanding their investments in the growth of their domestic telecom markets, which are likely to boost the regional industry. Rising smartphone adoption and the availability of 4G have resulted in a spike in mobile internet usage in mainland China, supporting the country's ascension up the digital-society value chain. More than 990 million people utilize mobile internet services, with an additional 200 million predicted by 2025.
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Europe to Have Favorable Growth in Smartphone Market
Europe is one of the countries that have seen a slight decrease in income and shipment. This decline is attributable to market maturity; yet, growth is still being seen in the smartphone repair business, as buyers in these locations do not routinely replace their old handsets. However, the government has enacted several regulations and standards to eliminate roaming charges from all networks in order to reduce communication expenses for consumers.
Eminent market players profiled in the global smartphone market report include Samsung Electronics Co. Ltd (South Korea), Apple Inc. (US), Google LLC (US), Xiaomi Corporation (China), Lenovo Group Limited (China), OnePlus Technology Co. Ltd (China), Microsoft Corporation (US), Nokia Corporation (Finland), Huawei Technologies Co. Ltd (China), Guangdong OPPO Mobile Telecommunications (China), Vivo Communication Technology (China), HTC Corporation (Taiwan), Sony Corporation (Japan), ZTE Corporation (China), and LG Electronics Inc. (South Korea).
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