Smartphone MarketIMARC Group expects the market to reach 1,715 Million Units by 2027, exhibiting at a CAGR of 3.70% during 2022-2027.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 global smartphone market. 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 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.
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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.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- 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:
- Android
- iOS
- Others
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:
- OEMs
- Online Stores
- Retailers
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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