PUBLISHER: TechSci Research | PRODUCT CODE: 1091491
PUBLISHER: TechSci Research | PRODUCT CODE: 1091491
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The global smartphone market was valued at USD507.01 billion in 2021 and is expected to grow at a CAGR of 8.33% in the forecast period, 2022E-2027F, to reach USD809.95 billion by 2027F. The market is driven by the rise in the disposable income of middle-class families, the emergence of online sales channels and the penetration of high-speed internet connections across the globe. Also, the growing popularity of work from home facilities in organizations and OTT platforms among consumers is expected to accelerate the demand for smartphones in the forecast period.
After the outbreak of COVID-19, all the work shifted towards online platforms. Organizations started practicing their work on the online channels and asked the employees to work from home. Similarly, schools started teaching by using online meeting platforms, which boosted the sales of smartphones among students and office workers.
Smartphone manufacturers are working on the development of technology that can enhance the performance of smartphones while optimizing the costs to make them affordable for the common people. They have started a lot of attractive features and authentication methods to increase the security of smartphones. Also, the integration of advanced technologies such as machine learning, artificial intelligence, and big data analytics in smartphones to provide a personalized shopping experience to customers is expected to create lucrative growth opportunities for the global smartphone market in the forecast period.
The global smartphone market is segmented based on the operating system, display technology, distribution channel, region, and competitive landscape. Based on distribution channel, the market is segmented into the multi-brand store, exclusive store, online and others. The online segment dominated the market in 2021 and accounted for 28.26% of the total market share. The segment is expected to maintain its dominance through the next five years. The ease of buying through the online sales platform and the availability of lucrative discounts on the purchase of smartphones are contributing to the global smartphone market growth. Also, market players can connect to a wider audience through the online sales channel and reach remote locations across the globe, which further augments the sales of smartphones worldwide.
The major market players operating in the global smartphone market are Apple Inc, Samsung Electronics Co., Ltd., Xiaomi Communications Co., Ltd., Vivo Mobile Communication Co., Ltd., Guangdong Oppo Mobile Telecommunications Corp., Ltd., Huawei Technologies Co., Ltd., Motorola Mobility LLC, Realme Chongqing Mobile Telecommunications Corp., Ltd., Tecno Mobile Ltd., and LG Electronics.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022E
Forecast Period: 2023F-2027F
Objective of the Study:
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of leading smartphone manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the smartphone manufacturers who could not be identified due to the limitations of secondary research. TechSci Research analyzed the smartphone manufacturers, distribution channels and presence of all major players operating in the global smartphone market all over the world.
TechSci Research calculated the global smartphone market size using a bottom-up approach, where data for various regions was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as smartphone manufacturers, suppliers, distributors, and other stakeholders. The report would enable the stakeholders in strategizing investments and capitalizing on emerging market opportunities.
Report Scope:
In this report, global smartphone market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Android
iOS
Others
LCD
OLED
AMOLED
Others
Smartphone Market, By Region:
Asia-Pacific
North America
Europe
Middle East & Africa
South America
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global smartphone market.
Available Customizations:
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information