Smartphone Market

The global smartphone market size is expected to reach USD 493.08 billion in 2024 and is anticipated to reach USD 837.75 billion by 2032, growing at a CAGR of 6.85% from 2024 to 2032.

Current Scenario of the Market

The smartphone market experienced a notable rise in shipment and sales in the first quarter of 2024, with Samsung, Apple, Xiaomi, Transsion, and Oppo at the forefront. The market remains on a growth course worldwide. According to research, the shipments of smartphones have touched 289.4 million units in Q1 of 2024. Samsung became the most significant player based on shipments, with 60.1 million units sold in the quarter, followed by Apple with 50.1 million units and Xiaomi with 40.8 million units. Apart from this, customers continue to desire more convenient payment choices when executing transactions or sales, which also influences the expansion of this market. Buyers want a more seamless and secure payment gateway and an enhanced focus on overall performance, touch sensitivity, and premium-ness.

Market Drivers

The expanding brand outreach and digital engagement are driving the growth of the smartphone market. Mobile commerce is rapidly emerging as the favoured shopping channel. For instance, in the United States, retail m-commerce sales in 2023 were 491 billion dollars and are estimated to arrive at 558 billion dollars by the end of 2024, accounting for 7.4 per cent of overall retail sales. As more e-commerce companies embrace mobile site utilization, it's becoming increasingly significant to cater to consumer expectations and preferences. Besides this, cultural and social aspects are escalating the demand for smartphones. They are progressively considered as status symbols, apart from means of communication, and there is sustained demand for upgrades, giving access to entertainment, streaming services, news, and social media options. Hence, all these factors are boosting the market growth rate.

Market Restraints

The saturated market is increasingly becoming a significant obstacle in front of the smartphone market. Most developed and developing economies in the world are currently facing this issue; as a result, shipments and sales are dropping. For instance, in the second quarter of 2024, India saw a 2 per cent year-on-year (YoY) decline in smartphone shipments. More than three-fourths of the population in developing countries own an affordable smartphone. Given the existing world’s economic conditions and inflation rate, the expansion of this market is slowed down by the combination of all these factors.

Segment Analysis

By Operating System

●        Android

●        iOS

●        Others

Android continues to be the most dominating segment of the smartphone market and is expected to hold its position during the forecast period. As per a study, android’s consumer base worldwide crossed 3.5 billion. On the other hand, iOS boasts over 1.3 billion customers. Moreover, the “open for all” model complies with smartphones from different suppliers globally, contributing to the segment’s market share. Furthermore, android device dealers disclosed Samsung’s steady leadership or command since the initial phase of Android. Lately, research has shown that the dominance of Chinese makers, with more than 55 per cent share of the Android segment. Major companies include LG, Motorola, Vivo, Oppo, Huawei, and Xiaomi.

By Distribution Channel

●        OEM

●        Retail

●        E-Commerce

E-commerce captured the first position in this segment and is projected to thrive throughout the estimation period. The growth of the segment can be attributed to the increased penetration of high-speed internet, the rising adoption of handheld devices, and greater support for digital transformation. In addition, the surge in mobile-friendly websites and operations to address the dissatisfaction with smooth scrolling and compatibility issues is also expanding the segment’s market size. As per a 2023 report, about 23 per cent of adults in the United States stated their smartphone screens are too small for online purchasing.

Regional Analysis

North America smartphone market is spearheading and is expected to propel further during the forecast period. The United States commands the regional market due to the epicenter of technological innovations and early adopters. As of 2024, the penetration of smartphones in the United States is about 90 per cent, owing to the high speed of mobile internet connection it provides. Recent data reveals that the average speed of cellular internet connectivity is 106.28 megabits per second (MBPS), which is over twofold faster than the global average speed of 48.61 Mbps.

Recent Market Developments

●       In September 2024, it was reported that Samsung intends to introduce its rollable smartphone in the 2nd half of 2025. This device is anticipated to come with a screen size of 12.4 inches, along with an under-display camera that hides the front side camera for videos and selfies.

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