Smartphone Market to Grow at a CAGR of 8.33% During the Forecast Period

Increasing GDP per capita income and technological advancements are expected to drive the growth of the global smartphone market.

According to TechSci Research report, “Global Smartphone Market –Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”. The global smartphone market is expected to reach USD809.95 billion by 2027F with a CAGR of 8.33% during the forecast period. Smartphone sales are expected to increase during the forecast period due to increasing consumer preference, rising disposable income, a growing 5G network sector, and a rising population worldwide. However, two major smartphone that are more trending in the global smartphone market are: foldable smartphones and 5G smartphones. Many industry analysts see foldable phones as the smartphone's future and a potential driver of renewed market growth. Several smartphone OEMs, including Huawei, Xiaomi, Microsoft, Samsung, and Motorola, have recently introduced foldable phones. 5G connectivity is likely to boost smartphone purchases in developed and emerging regions. Advances in Internet penetration, 5G technology, and network provision will allow 5G smartphone users to download a movie in less than a minute and browse the Internet 10 times quicker, causing a spike in 5G smartphone purchases. Smartphone manufacturers expect that the development of 5G will ignite a trend of increased sales of 5G-enabled handsets, allowing the industry to reclaim sales statistics in the years ahead.

Innovations such as foldable displays and 144Hz refresh rates have been introduced among the premium flagship smartphones. Other improvements, including 120Hz and 90Hz refresh rate displays, have also made their way into mid-segment devices. The global smartphone market is segmented into operating systems, display technology, distribution channel, region, and company. The market can be segregated into Android, iOS, and others in terms of an operating system. Out of these, the Android market had registered the highest market share of more than 67% among all smartphone products in 2021, followed by iOS. The global smartphone market is segmented into LCD, OLED, AMOLED, and others in terms of display technology. OLED accounted for the highest market share of more than 33% in the year 2021. With the increase in technology, companies have introduced equipment for wireless charging. Now people don’t have to carry their charging wires and search for charging points to charge their phones.

For much of the smartphone industry, the leading companies have started using sustainable sources to develop their technologies. With the changes in the population around the globe, every company is encouraging their employees to use sustainable resources. Due to the changes in government policies in different countries, companies and manufacturers are developing eco-friendly products.

Browse over 111 market data Figures spread through 110 Pages and an in-depth TOC on "Global Smartphone Market"

The global smartphone market is segmented into Asia-Pacific, Europe, North America, South America, and the Middle East & Africa in terms of the regional analysis. The Asia-Pacific region dominates the global smartphone market, followed by North America in 2021. Smartphones are in high demand in countries with large populations, such as China, Japan, and India. Changing consumer preferences toward over-the-top platforms and rising disposable income have fueled the growth of the Asia-Pacific smartphone market over the years. In 2021, North America became the world's second-largest market for smartphone. An increase in smartphone demand in North America can be attributed to an increasing population base, rising consumer purchasing power, and growing urbanization.

Key market players in the Global Smartphone Market include:

·Apple Inc.

·Samsung Electronics Co., Ltd.

·Xiaomi Communications Co., Ltd

·vivo Mobile Communication Co., Ltd.

·Guangdong Oppo Mobile Telecommunications Corp., Ltd

·Huawei Technologies Co., Ltd.

·Motorola Mobility LLC.

·Realme Chongqing Mobile Telecommunications Corp., Ltd.

·Tecno Mobile Limited

·LG Electronics

Samsung recently merged its mobile division with its broader consumer unit, indicating that smartphones have become part of a larger consumer electronics ecosystem. Companies are reorganizing internally to break down silos between devices and create a more integrated offering across categories. The seamless experience across laptops, smartphones, tablets, and smart home devices will become even more prevalent in the future. Brands already preparing to compete in an ecosystem are likely to succeed.

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“Foldables and 5G handsets have been around for three years and will become mainstream in the coming years. While attempting to make these products "modern," firms will broaden their offerings with AR/VR headsets and smart home devices that complement their ecosystem.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Smartphone Market- Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027, Segmented By Operating System (Android, iOS, and Others (Microsoft, Blackberry, etc.), By Display Technology (LCD, OLED, AMOLED and Others (FHD+, LCD+FHD, etc.), By Distribution Channel (Multi-brand store, Exclusive Store, Online and Others), By Region”, has evaluated the future growth potential of smartphone in global market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the global television market.

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TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking country and region specific high growth markets helps TechSci clients to lead rather than follow market trends.


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