Global Smartphone Market is expected to reach USD 978.2 billion by 2030, at a CAGR of 6.80% during the forecast period 2022-2030.
Research Reports
Oct 09, 2023
Market Analysis
The global smartphone market will touch USD 978.2 billion at a 6.80% CAGR by 2030, as per the recent Market Research Future report.
Key Players
Eminent market players profiled in the 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)
- LG Electronics Inc. (South Korea).
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Drivers
Advanced Technologies Integration to Boost Market Growth
The integration of various advanced technologies like AI, AR, and 5G connectivity will boost market growth over the forecast period as they are transforming the experience of mobile phones and thus fuelling market growth. The interest of consumers in 5G gadgets is growing, as a result chipmakers are pushing the manufacturers in including 5G chips in the new smartphone lineup. Thus the market continues in thriving manufacturers in striving to outdo each other with regards to technological advances, thus providing increasingly powerful & feature-rich devices.
Opportunities
Increasing Usage of LTE to offer Robust Opportunities
The increasing usage of LTE or long-term evolution will offer lucrative opportunities for the smartphone market over the forecast period. The LTE device or a 4G device in fact is used for the voice chats, share files at a faster speed, and to surf the net. Improving the network infrastructure of LTE will boost the need for smartphones worldwide in the assessment period.
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Restraints and Challenges
Rise in Cybercrimes to act as Market Restraint
The rise in cybercrimes coupled with high prices of smartphones may act as market restraints over the forecast period.
Market Segmentation
The global smartphone market is bifurcated based on distribution channel, operating system, input device, and type.
By type, the market is bifurcated into performance, entry-level, and media-centric (camera, gaming, navigation, and music).
By input device, the market is bifurcated into keypad and touchscreen
By operating system, the market is bifurcated into Windows, iOS, and Android
By distribution channel, this market is classified into e-Commerce, retailers, and OEM
COVID-19 Analysis
During the epidemic, government-imposed lockdown measures reduced the outdoor activities that led to fall in Smartphone sales at offline stores. But the need for smartphones went up chiefly on account of remote working along with virtual social gatherings. On the contrary, most people had lost their jobs during the pandemic while a few took pay cuts. Thus, they refrained from buying smartphones with upgraded features. In short, the COVID-19 outbreak had a mixed impact on the smartphone market.
Regional Analysis
APAC to Have Admirable Growth in Smartphone Market
The APAC region will have admirable growth in the market over the forecast period for the region’s increasing per capita income, presence of a huge population, and growing interest of people to utilize new technologies & services. Companies like Airtel, Jio, and others are gradually adding to the smartphone adoption and also boosting their need by offering data at pocket-friendly prices possible.
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