Smartphone Market Estimated to Garner USD 978.2 Billion by 2030 | Increasing population technical approach
Research Reports
Feb 14, 2023
According to market research future insights analysis, the global smartphone market is expected to register a CAGR of ~ 6.8% from 2022 to 2030 and hold a value of over ~USD 978.2 Billion by 2030.
The Smartphone Market is expanding due to rising disposable income, expanding telecom infrastructure, the advent of smartphones focused on affordability, and increased product launches. The smartphone market has been continuously expanding in terms of models and size. It is anticipated that 40% of people will own a smartphone by 2021. The number of smartphone subscriptions worldwide now exceeds six billion, and Ericsson predicts that over the next several years, that figure will increase by several hundred million more. The nations with the most smartphone users are China, India, and the United States. The balance between supply and demand in the smartphone market has been seriously upset by the Covid-19 outbreak. Due to widespread lockdowns, delayed shipments, and hampered development of next-generation goods, the smartphone manufacturing industry has been negatively impacted. China is the worldwide manufacturing hub for most of these devices and components. Additionally, the nation has seen its access to labor, suppliers, and logistics networks cut off. Additionally, there has been a decrease in consumer demand for smartphones, particularly in the premium market, due to consumers’ propensity to spend less on luxury items and more on necessities due to the pandemic.
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Key Players
Some of the key market players are
- Samsung
- Electronics Co., Ltd.
- Vivo Communication Technology Co. Ltd
- Apple Inc.
- Lenovo Group Limited
- ZTE Corporation
- Huawei Technologies Co., Ltd.
- TCL Communication Technology Holdings Limited
- LG Electronics Inc.
Report Scope:
|
Report Attribute/Metric |
Details |
|
Market Size in 2030 |
USD 978.2 Billion |
|
Growth rate: |
CAGR of 6.8% from 2022 to 2030 |
|
Forecast Period |
2022-2030 |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Smartphone Market Regional Analysis
Asia Pacific dominated the market for the smartphone in 2021. The rising demand from the region’s developing nations, including India and Indonesia, where cell phones are increasingly permeating the rural areas as local governments push for a digital and mobile economy, is anticipated to be the main driver of the smartphone market at entry-level price points. For instance, the Government of India’s main program, Digital India, aims to make the nation a society where everyone can access the internet. The PLI Scheme, which granted a 6-4% incentive for five years on additional sales of manufactured devices throughout 2019–2020, was also introduced by India. To qualify for the incentives, high-end international mobile phone manufacturers—those who build handsets costing more than $200—had to sell products worth INR 400 million in 2020–21. These government programs should increase the country’s smartphone market. Asia-Pacific is one of the major smartphone markets, largely because of the rapidly growing telecom industry and big user base. Additionally, the area is spending more money on the mobile network. The domestic telecom market is likely to drive the regional market, and nations like India, Japan, Australia, Singapore, and South Korea are spending more and more on its growth.
One of the more reliable markets is North America, which may boost handset repair efforts. The major market players, including Apple, Inc., Samsung, and Huawei Device Co., Ltd., strongly emphasize product expansion across Canada, which has increased its market presence. For instance, Huawei Device Co., Ltd. claimed in November 2021 that the business will release mobile devices across Canada to offer clients improved services.
Smartphone Market Segmentation
The global smartphone market has been segmented into operating systems and distribution channels.
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Based on the operating system, the market has been segmented into android, iOS, windows, blackberry operating systems, and others (Sailfish, Tizen, and Ubuntu). The Android operating system sector dominated the global market in 2021. The iOS market, on the other hand, is anticipated to grow at a faster CAGR from 2022 to 2030. Growth in production and demand for budget-friendly Android mobile phones is responsible for the Android market’s expansion. The market for iOS is driven by consumers’ increasing propensity for high-end smartphones, and the sector is anticipated to develop significantly over the next few years.
Based on the distribution channel, the market has been segmented into OEM, retailers, and e-commerce. In 2020, the e-commerce category dominated the market. The idea of working from home and improved online shopping options are accelerating the expansion of the E-commerce industry. In addition, the “M-commerce” idea encourages people to buy and sell things using their mobile phones as a type of online commerce. Online sales are largely made through the E-commerce industry, which drives demand. Original equipment manufacturers are known as OEMs. They mostly develop their manufacturing outlets across the nations independently, without assistance from outside sources. As a result, the number of outlets is increasing globally.
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