Advancement in Mobile Technology Has Increased the Demand for Smartphones Market

Globally, the smartphone market is expected to grow with a CAGR of 8.30% during the forecast period from 2023 to 2030 and had registered a market value of US$ 282.2 Bn in 2021. Smartphones are a type of mobile phone which allows individuals to make calls, send texts, run software similar to computers, browse the internet and other additional features. These devices are handy and can be carried easily. Additionally, the continuous advancement in mobile technology and increasing investments for the development of battery-efficient smartphones are driving the growth of the market.

The smartphones consist of touch screens that allow the user to interact and are also integrated with several different apps which are increasing their adoption by the users. Various companies are investing heavily in the development of smartphones based on different price ranges, sizes, compatibility, operating systems and platforms which is considered as one of the driving factors for the market. The rising demand for low-cost smartphones with the advance feature is considered as a major factor which is driving the market.

Smartphones with Android in its Platform Segment Continue Dominating the Market

In 2021, the overall smartphones market was led by the android segment in its platform segment contributing to a high percentage of the market share of the total revenue generated globally in 2020 with a market share more than 80.0% and is expected to grow with a significant CAGR during the forecast period. The increasing demand for Android devices due to the development of new features and enhancement in the handsets is driving the growth of the market across the globe. Various companies are developing low-cost handset integrated with the Android OS which is also contributing to the growth of the market.

Asia-Pacific Dominates the Market by Region

The global smartphone market was dominated by Asia-Pacific with a market share of than more 40.0% in the year 2021. The rising population and increasing disposable income in the region are considered as one of the major factors driving the market. Moreover, the presence of various smartphone manufacturing companies in the region such as Sony Corporation, Panasonic Corporation, Xiaomi Corporation, and others which provide different features in their handset at different price range is also fueling in the growth of the market.

Some of the prominent players operating in smartphones are Samsung Electronics, Apple Inc., Huawei Technologies Co. Ltd., Lenovo Group Limited, LG Electronics Inc., TCL Communication Technology Holdings Limited, ZTE Corporation, Vivo Communication Technologies, Sony Corporation, Oppo Mobile Telecommunications Corp., Ltd, Nokia Corporation, Xiaomi Corporation, OnePlus, Microsoft Corporation, and Panasonic Corporation.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smartphone market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Smartphone market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Smartphone market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Smartphone market?
• Which is the largest regional market for Smartphone market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Smartphone market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Smartphone market worldwide?