Global Smartphone Market size to grow by USD 982.8 Bn in 2030

Press Release

The smartphone market was valued at USD 507.2 Bn in 2021. The market is projected to grow USD 982.8 Bn in 2030, at a CAGR of 4%.

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Increasing disposable income spend more on media, entertainment, networking, and mobile communication, which leads to more sales of consumer electronics gadgets like cellphones, game consoles, and laptops. Furthermore, expanding end-use industries like e-commerce are likely to drive smartphone demand over the projection period. The ever-expanding e-commerce business has provided consumers with a handy platform to purchase a smartphone at a reasonable price.

The Covid-19 outbreak has impacted negatively on the smartphone market's supply-and-demand. Because China is the worldwide production centre for most of these gadgets and components, the smartphone manufacturing sector has been negatively impacted by delayed shipments and slowed development of next-generation products as a result of the state-wide lockdown. In addition, the country has been cut off from its suppliers, labour, and logistics networks. Furthermore, consumer demand for smartphones has decreased, particularly in the premium category, as a result of customers' desire to cut back on luxury spending and focus on fundamentals as a result of the epidemic.

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Because of the expanding trend of e-Commerce and m-Commerce, particularly among the working population, the global market for smartphones is predicted to increase significantly in the future years. Some of the primary drivers boosting worldwide smartphone sales are greater Internet penetration, increased marketing operations by smartphone suppliers, and rising social media subscriptions. Due to the economic slump caused by the COVID-19 epidemic, demand for low-cost smartphones has increased. Rising disposable income, on the other hand, will increase the likelihood of consumer spending on media, entertainment, networking, and mobile communication in the coming years, potentially leading to higher potential sales of consumer electronics such as smartphones, tablets, laptops, and gaming consoles.

The desire for high-speed data connectivity for integrated IoT (Internet of Things) applications like energy management and smart home devices is expected to drive 5G smartphone adoption. For example, OPPO India revealed in January 2021 that it plans to introduce more than six 5G-enabled devices in India this year, as the 5G-ready and Internet of Things (IoT) product categories become increasingly crucial for smartphone manufacturers in India.

Asia Pacific region is dominating the market share of global smartphone market owing due to reasons such as rising per capita and disposable income in the region, the presence of a large population with increasing disposable income, and a growing interest among the public to adopt new technologies and services, the smartphone market in Asia Pacific is booming. In India, companies like Jio, Airtel, and others are slowly growing smartphone use while also raising demand by delivering data at the lowest feasible cost.

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Key Developments:

July 2021- Samsung has launched a new smartphone, Galaxy A22 5G. It offers 11 bands’ support for 5G experience and two-year OS upgrades in India.

August 2021- Lenovo has expanded their manufacturing facility for the manufacturing of smartphones by partnering with Dixon Technologies at Noida, Uttar Pradesh.

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