The Smartphone Market is Estimated to Witness High Growth Owing to Rising Demand of Mobility
Smartphones are portable computing devices that allow users to make calls, text, browse the internet, take photos, and perform other tasks through applications. With advanced technology, smartphones have become more powerful with enhanced processors, screens, memory, and battery life. They offer users various features such as email, organizer, camera, games, and GPS navigation. The global smartphone market is estimated to be valued at US$ 1.45 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising demand of mobility is expected to drive the growth of the smartphone market over the forecast period. With the increase in mobile data subscribers and internet usage, people are increasingly dependent on smartphones for various activities such as accessing emails, social media, playing games, and shopping. Moreover, technological advancements such as 5G connectivity, AI capabilities, and improved batteries are enhancing the user experience of smartphones. Companies are continually focusing on introducing innovative features to attract more customers. However, availability of low-cost substitutes may hamper the market growth.
SWOT Analysis
Strength: Smartphones have become an integral part of everyday life for most people. They provide connectivity at all times with internet access and communication tools like voice calls and messaging. Smartphones also have powerful processors and large touchscreens that allow users to access a wide variety of apps for different tasks. Moreover, the availability of low-cost smartphones from various brands has made them affordable for most consumers.
Weakness: Consumers tend to replace their smartphones frequently, reducing the life of existing devices. This leads to increased electronic waste. Dependent on new apps and OS updates from manufacturers to access latest features and security patches which is a challenge for some brands.
Opportunity: Emerging markets offer significant opportunities for growth as smartphone penetration is still low compared to developed nations. New technologies like 5G, folding displays, multi-camera systems etc. will drive users to upgrade to latest models. Growing e-commerce and digital payments will further boost smartphone sales.
Threats: Trade tensions impact manufacturing costs and supply chains for major brands. Slowdown in global economy could reduce discretionary consumer spending on new devices. Increased local manufacturing by Chinese OEMs poses competition. Switch to unified platforms like PCs that can run mobile apps is also a threat.
Key Takeaways
Global Smartphone Market Size is expected to witness high growth over the forecast period backed by emerging economies. The Asia Pacific region currently dominates the global smartphone sales with China and India being the largest markets. China accounts for over 30% of the global smartphone shipments led by domestic brands like Xiaomi, Oppo and Vivo. India is the fastest growing market in Asia Pacific region supported by affordable pricing of devices and availability of regional language interfaces. North America and Western Europe are relatively mature markets where consumers prefer upgrading devices every 2-3 years. United States, United Kingdom and Germany are some of the major country-level markets.
Regional analysis comprises
The Asia Pacific region holds the major share of over 60% in the global smartphone market in 2024 led by China, India, Indonesia, Japan and South Korea. China has achieved over 80% penetration rates but shipments are expected to decline marginally. India is anticipated to surpass the United States to become second largest market globally driven by increasing disposable incomes, cheaper internet plans and local manufacturing. Southeast Asian countries like Indonesia, Vietnam and Philippines will experience double digit growth due to growing middle class population and rising adoption among youth.
Key players comprises
Key players operating in the smartphone market are Vidyo, Sightcall, Sinch, GENBAND, Twilio Inc., TokBox, Agro.io, and Xura. Global leaders include Apple, Samsung, Xiaomi, Oppo and Vivo who together account for over 65% of worldwide smartphone shipments. Apple enjoys solid brand loyalty in developed nations while Samsung has wide portfolio across price segments. Chinese brands like Xiaomi
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