Smartphone Market Analysis, Share, Industry & Revenue [2031]

Report Description

The global smartphone market size was valued at USD 457.3 Billion in 2021 and is projected to reach USD 729.4 Billion by 2030, expanding at a CAGR of around 7% during the forecast period, 2022 – 2030. The growth of the market is attributed to rising disposable income, improved telecom infrastructure, and increasing number of product launches.

A smartphone is a phone that can do more rather than just making and receiving phone calls and text messages. Smartphones are like computers; they can run software programs and access the internet. Touch screens on smartphones allow user to engage with them.

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The Covid-19 pandemic affected the demand and supply of smartphone market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

Smartphone Market Trends, Drivers, Restraints, and Opportunities

• Constant technological developments for better experiences are projected to drive the market.
• Rising disposable income is estimated to fuel the market during projected period.
• High cost of the product is expected to hinder the market growth during the forecast period.
• Increasing interest in music, entertainment, gaming, social, travel navigation, and personalization are anticipated to boost the market during the forecast period.
• Factors such as web browsing, instant messaging, e-learning, digital wallets, and online shopping are projected to propel the market.
• Unavailability of raw materials during COVID-19 period hindered the market growth.
• Data security issues are estimated to impede the market growth during the forecast period.
• R&D and technological advancement in smartphone market is expected to create lucrative opportunities for the market players during the forecast period.

Scope of Smartphone Market Report

The report on the global smartphone market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Smartphone Market Segment Insights

Operating Systems Segment Analysis

Based on operating systems, the market is segregated into windows, iOS, android, and others. The iOS segment is projected to grow at a rapid pace during the forecast period owing to increasing demand for Apple cellphones.

Moreover, Apple cellphones are gaining excessive demand specially from young generation in emerging nations such as South Africa, China, and India. One of the major factors driving the segment is iOS creates less heat as compared to other operating systems and are more document friendly. The android segment holds major market share of around 65% of the total market share and is estimated to continue its dominance during the forecast period.

Moreover, numerous application developers use Android OS to design gaming/entertainment apps, lifestyle applications, mobile utility applications, social media applications, among other things, as it needs programmers to know languages such C++, Kotlin, and Java.

In addition, Google provides a number of development tools, like AndroidSDK, Firebase, and Android Jetpack to help developers create a user-friendly interface. Rising demand for high-speed data connection for unified IoT applications like smart home devices is anticipated to fuel the smartphone market.

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Distribution Channels Segment Analysis

On the basis of distribution channels, the market is fragmented into e-commerce, retailer, and OEMS stores. The e-commerce segment is anticipated to expand at a high CAGR during the forecast period. The e-commerce segment is growing owing to work-from-home concept and enhanced online purchasing options.

Apart from that, the m-commerce concept, which is a type of e-commerce, is promoting the purchasing and selling of things using mobile phones. Online purchases are most often done through the e-commerce sector, which fuels the segment. OEMs are companies that design and produce products.

They are establishing their own stores all over the world without the involvement of third parties. For example, in March 2021, Vivo Mobile Communication Co., Ltd. announced that company is going to open 150 official stores, expanding the range of products available on e-commerce sites. Companies were compelled to close their stores due to the COVID-19 pandemic, which increased e-commerce sales.

Regional Analysis

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific dominates the market owing to increasing population and rising demand for high technology devices.

One of the major factors driving the market is growing disposable income of the population in the region. Migration of key companies to the developing nations such as India is also estimated to fuel the market. Growth of the market in the region is attributed to increasing development in 5G networks, Internet of Things (IoT), and other technologies.

Moreover, the key players are constantly offering new products, which is projected to boost the market. India is providing immense growth opportunities due to increasing acceptance of e-commerce, enhanced digital infrastructure, rising usage of internet.

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