According to the latest report by IMARC Group, titled “Smartphone Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on smartphone market trends. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global smartphone market reached 1,355 Million Units in 2021. Looking forward, IMARC Group expects the market volume to reach 1,715 Million Units by 2027, expanding at a CAGR of 3.70% during the forecast period (2022-2027).
A smartphone refers to a portable electronic device that provides advanced functionality and connects to a cellular network and the internet. It comprises a graphics processing unit (GPU), long-term evolution (LTE) modem, central processing unit (CPU), video and display processor, etc. A smartphone is manufactured using aluminum, plastic, gold, silicon, copper, silver, lithium, and cobalt. It is widely used for calling, gaming, music, videos, messaging, online shopping, emailing, banking, reading news, and clicking pictures. A smartphone consists of a battery, memory, storage, modems, display, camera, sensors, lens, and processor. It assists in portability, productivity applications, easy communication, navigation, safety, online banking, and entertainment. In addition, smartphones have advanced operating systems, features, and virtual keyboards compared to cell phones.
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Global Smartphone Market Trends:
The escalating demand for wireless handheld devices across the globe is among the primary factors driving the smartphone market. Besides this, the shifting consumer preference toward intelligent gadgets that offer advanced features, web surfing, easy accessibility, endless apps, and instant online ordering is further augmenting the market growth. Moreover, smartphones provide enhanced convenience, security, various calling features, and easy access to the internet, which is also catalyzing the global market. Apart from this, the introduction of miniaturized cameras with high-resolution sensors, improved battery life, and reliability is acting as another significant growth-inducing factor. Additionally, the growing product popularity among consumers to make contactless payments, as it eliminates the need for card swiping and manual entry and aids in reducing human errors and facilitating a smoother checkout experience, is also stimulating the market growth. Furthermore, the rising working population, the increasing internet penetration, and the inflating expenditure capacities of consumers are anticipated to propel the smartphone market over the forecasted period.
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Apple Inc.
- HTC Corporation
- Huawei Technologies Co. Ltd. (Huawei Investment & Holding Co. Ltd.)
- Lava International
- Lenovo Group Limited
- Nokia Corporation
- Realme Chongqing Mobile Telecommunications Corp. Ltd. (BBK Electronics Corporation)
- Samsung Electronics Co. Ltd.
- Sony Corporation
- TCL Technology
- Xiaomi Corporation
- ZTE Corporation
Smartphone Market Segmentation:
Our report has categorized the market based on region, operating system, display technology, RAM capacity, price range and distribution channel.
Breakup by Operating System:
Breakup by Display Technology:
- LCD Technology
- OLED Technology
Breakup by RAM Capacity:
- Below 4GB
- 4GB – 8GB
- Over 8GB
Breakup by Price Range:
- Ultra-Low-End (Less Than $100)
- Low-End ($100-<$200)
- Mid-Range ($200-<$400)
- Mid- to High-End ($400-<$600)
- High-End ($600-<$800)
- Premium ($800-<$1000) and Ultra-Premium ($1000 and Above)
Breakup by Distribution Channel:
- Online Stores
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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