According to the latest report by IMARC Group, titled “Smartphone Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global smartphone market size reached 1,355 Million Units in 2021. A smartphone is a portable smart device that provides advanced functionality and connects to a cellular network and the internet. It is widely used for many purposes such as messaging, gaming, calling, online shopping, transferring funds, clicking pictures, and emailing. In addition, it provides easy communication, portability, navigation, safety, online banking, and entertainment. Owing to these benefits and the introduction of advanced variants, smartphones have gained widespread popularity among individuals.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smartphone Market Trends:
The market is primarily driven by the rising demand for portable handheld devices across the globe. In addition, the shifting consumer preferences toward smart devices that offer various benefits such as easy accessibility to the internet, advanced audio and video calling features, web surfing, and online ordering, is contributing to the market growth. Besides this, the introduction of various innovative smartphones with miniaturized cameras, high-resolution sensors, and improved battery life are escalating the product demand. Moreover, consumers are widely using smartphones to make contactless payments as they eliminate the need for card swiping and minimize the risk of human errors, which is another major growth-inducing factor. Furthermore, the expanding working population, increasing internet penetration, and rising disposable incomes of consumers are some of the other factors anticipated to propel the market growth. 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).
- On the basis of the operating system, the market has been classified into android, iOS, and others.
- Based on the display technology, the market has been bifurcated into LCD and OLED technologies.
- On the basis of the RAM capacity, the market has been segmented into below 4 GB, 4GB - 8GB, and over 8GB.
- The market has been categorized based on the price range into 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).
- Based on the distribution channel, the market has been segregated into OEMs, online stores, and retailers.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, along with the profiles of the key players. Some of these players include 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 and ZTE Corporation.
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