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Smartphones Market is expected to grow at a CAGR of 7.6% till the period of 2022 2030

The global Smartphones market was valued at USD 273.9 Billion in 2021 and is forecasted to reach USD 520.7 Billion by the year 2030. The market is anticipated to register a CAGR of 7.6% over the projected period. In 2021, around 1,617.5 million smartphones were estimated to be sold in 2021.

Smartphone consists of an integrated computer and other features, such as web browsing, operating system, as well as the ability to run software applications. Increasing penetration of Internet of Things is expected to boost the market growth. Furthermore, rapid technological advancements is also expected to fuel the market growth. Despite the driving factors, health risks due to prolonged exposure to smartphones are expected to hinder the market growth during the forecast period.

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Growth Influencers:

Increasing penetration of IoT

Internet of Things is one of the emerging communication concept which interconnects a variety of devices, including smartphones, with data, processes, and people and enables a seamless communication. Smartphone-enabling technologies, such as Bluetooth, built-in sensors, NFC, and RFID tracking, enables smartphones to be a vital part of IoT world. According to NASSCOM, the number of IoT devices, including smartphones, has increased from 200 million units in 2016 and more than 2.7 billion units in 2020. Hence, increasing penetration of IoT in smartphones is expected to boost the market growth.

Segments Overview:

The global Smartphones market is segmented the brand, operating system, RAM size, generation, screen size, price range, distribution channel, component-hardware, and component-software.

By Brand

  • Apple
  • Samsung
  • Xiaomi
  • Oppo
  • Huawei
  • VIVO
  • Others

The Samsung segment is expected to account for the largest market share of over 30% owing to its high demand globally for past few decades. The Xiaomi segment is anticipated to witness the fastest growth rate of more than 14% owing to increasing adoption owing to cheap prices as compared to other brands.
By Operating System

  • Android
  • Windows
  • iOS
  • Palm OS
  • Others (Sailfish, Tizen, and Blackberry OS)

The Android segment is estimated to hold the largest market share of more than 70% owing to its user friendly nature. The iOS segment is expected to account for 35% of the Android segment’s volume in 2021 and this is estimated to reach 37% in 2030.

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By RAM Size

  • Below 2GB
  • 2GB-4GB
  • 4GB-8GB
  • More than 8GB

The 4GB-8GB is a major segment and contributes to more than the combined market size of 2GB-4GB and the more than 8GB segment owing to rising demand for 4GB-8GB RAM size smartphones, especially by younger population.

By Generation

  • 3G
  • 4G
  • 5G

The 5G segment is anticipated to witness the fastest growth rate owing to increasing technological advancements by market players for manufacturing 5G smartphones. The 3G and 4G segments are also estimated to grow at significant rates.

By Screen Size

  • Below 4.0”
  • 4.0”-5.0”
  • Above 5.0”

The above 5.0” segment is expected to be the major segment and the unit sales of this screen size is estimated to be more than the combined unit sales of the remaining screen sizes. This is owing to rising demand for above 5.0” screen size smartphones.

By Price Range

  • < US$ 100
  • US$ 101 – US$ 200
  • US$ 201 – US$ 500
  • US$ 501

The US$ 201 – US$ 500 segment is anticipated to witness the fastest growth rate of around 7.9% owing to increasing availability of smartphones in this price range. Around 700 million units of US$ 501 smartphones are expected to be sold by 2028.

By Distribution Channel

  • Online
  • Brand Website
  • E-Marketplaces
  • Offline
  • Multi Brand Store
  • Brand Store

The offline segment is estimated to account for the largest market share owing to high preference of offline stores for buying smartphones, especially in the developing economies. The online segment is expected to grow at the fastest rate owing to growing adoption of e-commerce websites.

By Component Hardware

  • Battery
  • Display Technology
  • LCD
  • LED
  • OLED
  • System-on-a-chip (SoC)
  • CPU
  • Graphics Processing Unit
  • Memory Management Unit
  • Connectivity
  • Modems
  • Camera
  • Sensors
  • Accelerometer
  • Gyroscope
  • Digital Compass
  • Ambient Light Sensor
  • Proximity Sensor

The sensors segment is expected to account for a major share of the market, i.e. around 27% owing to various technological advancements in the smartphones for inclusion of various types of sensors in the device. The camera segment is estimated to grow at the fastest rate of around 8.5% owing to rising demand for good quality of camera for photography and videography purposes, especially in the younger population.

By Component-Software

  • Kernel
  • Middleware
  • Application Execution Environment (AEE)
  • User Framework Environment
  • Application Suite

The kernel segment is estimated to hold the largest market share and is also expected to grow at the fastest rate of 8.1% owing to its rising demand. Middleware, AEE, user framework environment, and application suite segment is expected to witness significant growth rates.

Regional Overview

Based on region, the global Smartphones market is divided into Europe, North America, Asia, Middle East, Africa, and South America.

The Asia Pacific region is expected to hold the largest market share and is also estimated to witness the fastest growth rate of 6.49% owing to presence of major market players in the region, especially in China. Furthermore, presence of various manufacturing facilities in the Asia Pacific countries owing to availability of cheap labor.

North America region is anticipated to hold the second largest market share owing to the presence of Apple brand in the U.S., which is amongst the major brands of smartphones globally.

Competitive Landscape

Key players operating in the global Smartphones market include ZTE Corp., Samsung Electronics, Huawei Technologies Co., Ltd., Apple Inc., Vivo Communication Technology Co. Ltd., Xiaomi Corporation, Guangdong OPPO Mobile Telecommunications Corp., Ltd, Nokia Corporation, AsusTek Computer Inc., Sony Corporation, Micromax Informatics Ltd., Realme, Panasonic Corp, Motorola, Inc., HTC Corporation, Lenovo Group Limited, BBK Electronics Corp. Ltd., Mobicel, and Transsion Group, among others.

The approximate market share of the major 6 players is more than 65%. These market players are engaged in mergers & acquisitions, collaborations, and new product launches to strengthen their market presence. For instance, in November 2021, ZTE Corporation collaborated with Riedel Communications for deploying custom-made private 5G as a service on a campus network and also to jointly explore the huge potential of 5G networks.

The global Smartphones market report provides insights on the below pointers:

  • Market Penetration: Provides comprehensive information on the market offered by the prominent players
  • Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
  • Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
  • Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Smartphones market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
  • Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
  • Consumer Behaviour Analysis- By Age, Gender, Region, Education Qualification, Average Annual Income – Brand Awareness; Consumer Buying Preferences (Smartphone Selection Scenario); By Brand, Price Range, Channel, Operating Segment, Screen Size; Influencing Factors on Purchase of a Smartphone; Average Replacement Rates (in Months), by Top Country; Type of Influence on Purchase of Smartphones
  • Top Entry-Level Smartphones; Top Performance Smartphones; Media-Centric Smartphones
  • Role of Telecom Operators in the innovating ‘digital age’; smartphone insurance-overview of major policy instruments; EXIM landscape

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