Global Smartphone’s Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast: 2019–2028
Global Smartphones Market: Overview
The Smartphone Market was valued at $460.4 billion in 2021 & is projected to reach $745.9 billion by 2028. It is expected to grow at a 6.7% CAGR between 2021 and 2028.
The IBM Simon was the first smartphone and was launched in 1993. The IBM Simon was represented as just a concept device rather than a consumer device.
Initially launched smartphones enabled making and receiving voice calls, messaging, and sending faxes. More advanced models emerged and had processors, integrated computers, and a range of features.
Global Smartphones Market: Dynamics
A key factor driving the growth of the global smartphone market is the increasing demand for smartphones, especially among younger individuals, and teens, as well as from a rapidly expanding consumer base in urban areas.
Smartphones are considered the most demanded or wanted electronic device.
In addition, rising disposable income and increasing consumer spending on various applications, entertainment, media, and networking, coupled with increasing adoption of smartphones among urban populations are expected to drive the growth of the global smartphone market.
The advent of communication applications, gaming applications, Internet penetration, speed, and connectivity, and availability of Wi-Fi in public areas is expected to augment sales of smartphones.
Furthermore, the growing Internet user base, increasing advertising and marketing activities by merchants, and the rising impact of social media platforms are among other factors expected to drive market growth.
Leading vendors are focusing on new technologies and developing new features to enhance existing operating systems for a better user interface.
However, poor social interaction is among the major factors hampering the growth of the target market.
Poor or weak signal and lack of efficient network connectivity in some areas, and the high cost of smartphones, coupled with easy availability of certified refurbished phones, especially in developing countries, are key factors expected to hamper the growth of the global smartphones market.
Global Smartphones Market: Segment Analysis
Among the operating system segments, the android segment is currently the dominant segment in the global smartphone market in terms of both production and sale revenue.
Android smartphones are available at a lower cost, have a good user interface, support more applications than IOS and windows, and allow enhancement.
Global Smartphones Market: Region Analysis
Currently, the North American market accounts for the largest revenue share and is projected to continue to maintain its dominant position over the forecast period. Changing lifestyles of people and rising demand for smartphones in the region, especially the US, are attributable to this projected growth.
Asia Pacific market is expected to see witness the fastest CAGR growth in terms of revenue, driven by the increasing adoption of smartphones, rising spending capacity, and changing lifestyles.
The market in Europe is also expected to account for a major revenue share and has the largest mobile subscriber base. Furthermore, the market in the Middle East and Africa is expected to witness average growth over the forecast period, followed by Latin America.
Global Smartphones Market Segmentation:
Segmentation by Operating System:
Segmentation by Price:
- Up to US$ 199
- US$ 200-299
- US$ 300-399
- Above US$ 400
Segmentation by size:
- Below 3.9 inches
- 4 to 4.4 inches
- 5 to 4.9 inches
- 5 to 5.4 inches
- 5 inches and above
Segmentation by Region:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Samsung Electronics Co. Ltd.
- Apple Inc.
- Huawei Technologies Co. Ltd.
- Lenovo Group Limited
- LG Electronics Inc.
- TCL Communication Technology Holdings Limited
- ZTE Corporation
- Vivo Communication Technology Co. Ltd.
- Xiaomi Corporation
- Nokia Corporation
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