PUBLISHER: 360iResearch | PRODUCT CODE: 1471062
PUBLISHER: 360iResearch | PRODUCT CODE: 1471062
[185 Pages Report] The Smartphone Market size was estimated at USD 496.32 billion in 2023 and expected to reach USD 531.45 billion in 2024, at a CAGR 7.26% to reach USD 810.93 billion by 2030.
A smartphone is a highly advanced, hand-held device that merges the capabilities of a mobile phone and a computer. Designed with sophisticated technology, smartphones have become an integral part of modern life, extending far beyond basic telecommunication. They are equipped with multiple features such as a powerful operating system, high-speed data access through Wi-Fi or mobile networks, capacitive high-resolution touchscreens, multiple sensors, and support for downloadable applications. The smartphone market, powered by advances in technology, embraces the design, sale, and usage of technologically advanced mobile devices. Significant market impulsion is attributed to factors such as technological progress, social media popularity, high-speed internet requirements, and e-commerce suitability. However, the market is hampered by certain restraints, including high production expenditure, fluctuating consumer preferences, sustainability needs, data security anxieties, and the fleeting lifecycle of smartphones. The advent of 5G and IoT technologies, alongside consumer demand for compact and efficient devices, has cultivated substantial growth potential. Enhancing battery longevity, augmenting security infrastructure, exploring potential AR and VR applications, and devising resilient and contemporary designs have been further creating a stronger future landscape for the global smartphone market.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 496.32 billion |
Estimated Year [2024] | USD 531.45 billion |
Forecast Year [2030] | USD 810.93 billion |
CAGR (%) | 7.26% |
Component: Excellent hardware and software integration ensures superior smartphone performance and a seamless user experience
The hardware refers to the physical components that make up a smartphone, which includes the processor, RAM, display, cameras, and battery. Consumers prefer smartphones with high performance, longevity, and quality hardware. The software of a smartphone is the programming that dictates functionality, which mainly includes the operating system (OS) but also encompasses various applications and user interfaces. Functionality, freedom of customization, and security are crucial factors for users when considering software of smartphones.
Display Size: Growing popularity of 6.5" large screens for immersive viewing experience
Starting with the 4.0" - 5.0" range, which has long been the standard for many mainstream smartphones, this size remains a popular choice for its balanced blend of portability and function. These phones suit those users seeking to enjoy a comfortable viewing experience while retaining the compact dimensions of the device. Meanwhile, the below 4.0" category represents an increasingly niche segment, where the focus tilts towards ultra-portability. These compact devices are typically preferred by consumers who prioritize usability with a single hand and an unobtrusive presence in their pockets. The smartphones extending up to 6.5" represent the 'phablet', a fusion of phone and tablet trends. These large-display devices are favored by those engaging in heavy multimedia use, gaming, or productivity tasks where a larger screen can offer distinct benefits.
Operating System: Higher deployment of Android OS owing to its compatibility with numerous smartphone brands
Android powers a myriad of devices worldwide, developed primarily by Open Handset Alliance (OHA), led by Google and other companies. Android is an open-source and Linux-based operating system known for its multitude of customization options, compatibility with a range of hardware, and Google Play Store's extensive app library. Apple's proprietary iOS appeal lies in seamless integration across Apple's ecosystem, robust security, and quality-tested App Store. Windows Phone, a product of Microsoft Corporation, is a distant third in the smartphone Operating Systems of smartphones. Known for its seamless integration with Microsoft's suite of services, its key need-based preference lies in its business-friendly attributes.
Distribution: Emerging preferences for online sales channels, offering customized offers and convenience
The offline segment revolves around traditional brick-and-mortar retail locations, including dedicated brand outlets, multi-brand stores, and electronics retailers. Moreover, the immediate availability of products through the offline channels caters to urgent purchase requirements. The online segment consists of e-commerce platforms, brand-owned online spaces, and specialized electronics online retailers. These providers cater to tech-savvy consumers, valuing convenience and a wider range of product offerings. The need-based preference for online shopping also lies in the comfort of price comparison and extensive customer reviews at ease, thus aiding informed decisions.
Regional Insights
In the Americas, the global smartphone market has observed significant growth over the past few years. The U.S., being the biggest market, has showcased a demand surge, especially for higher-end smartphones. The presence of established smartphone manufacturers across the region has further led to technological innovations and growth of the American smartphone market. In the EMEA region, the European smartphone market has grown steadily, emphasizing affordability, technological sophistication, and device longevity. The well-established semiconductor industry across European countries, coupled with government initiatives for the electronic sector, has propelled the expansion of the market in the region. However, the Middle East and Africa recorded marginal gains primarily driven by affordable smartphone segments. Resilience in economic recovery post-pandemic and supportive policies have also played a fundamental role in the growth of the market. The APAC region represents a promising picture for the smartphone market, driven mainly by the increasing internet penetration and the rapid shift from feature phones to smartphones. Moreover, affordable pricing, coupled with improving digital infrastructure and an expanding middle-class population, has propelled the smartphone revolution in countries including India and China.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Smartphone Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Smartphone Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Smartphone Market, highlighting leading vendors and their innovative profiles. These include Acer Inc., AOC Phones, Apple Inc., ARCHOS Group, AsusTek Computer Inc., BBK Electronics Corporation, Black Shark, BlackBerry Ltd, BLU Products, Google LLC by Alphabet Inc., Honor Device Co., Ltd., Huawei Technologies Co. Ltd., Intex Technologies, Karbonn Mobiles, Lenovo Group Limited, Micromax Informatics Limited, NEC Corporation, Nokia Corporation, Priyanka Communications India Private Limited, Reliance Industries Limited, Samsung Electronics Co., Ltd., Sony Corporation, TCL Technology, Xiaomi Corporation, and ZTE Corporation.
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the Smartphone Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Smartphone Market?
3. What are the technology trends and regulatory frameworks in the Smartphone Market?
4. What is the market share of the leading vendors in the Smartphone Market?
5. Which modes and strategic moves are suitable for entering the Smartphone Market?