Globally, the size of Smartphone Market is estimated to grow from USD 520.3 billion in 2022 to USD 978.2 Billion by 2030, at a CAGR of 6.80%, during the predicted period driven by The growth of social media platforms such as Twitter and Facebook raised smartphone use. The number of people using smartphones has been steadily increasing in the last decade. Alongside the ability to improve signal processing by accessing multiple microphones, smartphones can serve as a remote microphone that can significantly improve the signal-to-noise ratio (SNR), facilitating communication in noisy environments.
The market perceives increasing launches of new smartphones, which foster market growth. According to Market Research Future (MRFR), the global smartphone market is poised to grow at an impressive CAGR during the forecasted period (2022 – 2030). Substantial R&D investments into product development and new technologies drive the growth of the market.
Additionally, the rising numbers of smartphone users alongside the proliferation of advanced operating systems (OS) escalate market growth. Increasing digitalization is another major factor fuelling the smartphone market growth. Furthermore, the high adoption of mobile applications acts as a major tailwind for the growth of the smartphone market.
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Major Players:
Players leading the smartphone market are Samsung Electronics Co. Ltd (South Korea), Panasonic Corporation (Japan), Nokia Corporation (Finland), Google LLC (US), HTC Corporation (Taiwan), Sony Corporation (Japan), Apple Inc. (US), Xiaomi Corporation (China), LG Electronics Inc. (South Korea), Microsoft Corporation (US), OnePlus Technology Co., Ltd (China), Lenovo Group Limited (China), Huawei Technologies Co. Ltd (China), Vivo Communication Technology Co. Ltd (China), Guangdong OPPO Mobile Telecommunications Corp., Ltd (China), and ZTE Corporation (China), among others.
Global Smartphone Market – Segments
The smartphone market research is segmented into type, operating system, distribution channel, input device, and region. The type segment is sub-segmented into media-centric smartphones, entry-level smartphones, and performance smartphones. The sub-segment media-centric smartphone is further classified into music smartphones, navigation smartphones, gaming smartphones, and camera smartphones.
The operating system segment is sub-segmented into android, iOS, and windows. The distribution channel segment is sub-segmented into OEM, retailer, and e-commerce. The input device segment is sub-segmented into touch screens and keypads. By regions, the market is sub-segmented into Americas, Asia Pacific, Europe, and rest-of-the-world.
Global Smartphone Market – Geographical Analysis
North America dominates the global smartphone market. The largest market share attributes to the vast consumer base and advancements in related technologies. The well-established infrastructure in the region allows faster development and implementation of advanced technologies. Moreover, the growing use of mobile devices for payments drives the growth of the smartphone market in the region. With the increasing popularity of smartphones, the US smartphone market leads in the region, followed by Canada.
Europe stands second in the global smartphone market. The market is driven by the proliferation of smartphones and vast technological upgrades in the region. The increasing adoption of smartphones stimulates market growth in the region. Additionally, the strong presence of notable market players pushes the growth of the regional market. The European smartphone market is expected to witness fabulous market growth during the review period.
The Asia Pacific region also accounts for a promising smartphone market. Furthermore, the availability of cost-competitive technologies and developers positively impacts the region's smartphone market share. Besides, rising numbers of smartphone users and vast smartphone industries in the region boost the market size. With their presence of many smartphone companies, China, Japan, and India hold sizable shares in the regional market.
Global Smartphone Market – Competitive Analysis
Highly competitive, the global smartphone market appears fragmented due to the presence of many well-established players. They incorporate strategic approaches, such as acquisition, partnership, collaboration, expansion, and product/technology launch to gain competitive advantage and stay at the market forefront.
Industry/ Innovation/ Related News
Apr. 19, 2021 --- Samsung Electronics reported that it has postponed integrating ToF (time of flight) technology into its next strategic smartphone. After careful consideration of possibilities, the company has decided not to integrate the technology into the 'Galaxy S22', expected to be released in the first quarter of next year.
Apr. 15, 2021 --- TCL, a Chinese smartphone brand, announced that it has transformed a 6.87-inch smartphone into a 10-inch tablet. In an effort to take the niche foldable devices segment to the next level, consumer electronics, TCL has teased this new concept that can turn a 6.87-inch smartphone into a 10-inch tablet.
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