Global Smartphone Market Report and Forecast 2024-2032

Global Smartphone Market Outlook

The global smartphone market size reached a volume of 1322.42 million units in 2023. During the forecast period of 2024-2032, the market is projected to grow at a CAGR of 3.5% to attain a volume of around 1802.32 million units by 2032.

Key Trends in the Market

Smartphones are a subset of mobile phones that offer exceptionally good hardware performance and software services. They represent a significant portion of the global cell phone market share as they possess all the standard features of feature phones, including calling and messaging, along with a variety of multimedia options, like smart applications, music, cameras, and gaming options.

Smartphones are equipped with various sensors and can handle a wide range of wireless communication protocols, including Wi-Fi, Bluetooth, and satellite navigation.

• Some key smartphone market trends are the rising disposable incomes of customers, the expanding working population, the robustly growing consumer electronics market, and the increasing adoption of cell phones that can support users in easily managing applications, photos, galleries, and documents. The rising demand for music, games, navigational tools, entertainment, social media, and personalisation, especially among the young population, is also boosting the adoption of smartphones as alternatives to bulky laptops and desk-hogging computers.

• The smartphone market demand is being aided by the rising internet penetration and the increasing use of technology for international trade, communication, business, and collaboration. Besides, the deployment of artificial intelligence (AI) and machine learning (ML) in mobile technology is expected to enhance functionalities such as navigation and weather forecasting, among others, in the foreseeable future.

• The increasing accessibility to low-latency and high-speed 5G connectivity is anticipated to surge the use of smartphones in applications like smart homes, streaming videos, autonomous vehicles and drones, remote healthcare, and logistics, among others, in upcoming years. Moreover, the smartphone market growth can be attributed to the increasing launches of 5G-enabled smartphones with enhanced functionalities by key players.

• With the growing digital penetration and the rise in content of social media influencers, there is an increasing demand for smartphones with advanced camera technology and innovations in different domains like zoom, stabilisation, sensors, and artificial intelligence.

• The smartphone market expansion is expected to be fuelled by the growing research activities by manufacturers to develop devices that can enhance the convenience and flexibility of users. Advancements in technologies like display, artificial intelligence (AI), power management, processing power, and photography and videography are also expected to boost the contribution of smartphones in the worldwide mobile phone market share in the forecast period.

Market Analysis

Based on operating system, the smartphone market segmentation includes Android and iOS, among others. The market, on the basis of distribution channels, can be divided into OEMs stores, retailers, and online, among others. The major regional markets for smartphones can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following companies in the global smartphone market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Apple Inc.

• Alphabet Inc.

• Samsung Electronics Co. Ltd.

• Huawei Technologies Co., Ltd.

• Xiaomi Corporation

• Sony Group Corp.

• ASUSTeK Computer Inc

• HMD Global

• BBK Electronics

• Lenovo Group Ltd.

• HTC Corp.

• ZTE Corp.

• Lava International Ltd.

• Nothing Technology Limited 

• Meizu Technology Co., Ltd.

Market Share by Operating System

As per the smartphone market analysis, Android OS is anticipated to experience significant growth in the forecast period due to the growing availability and demand for affordably-priced Android mobile phones. Android OS offers more flexibility, personalisation, and customisation options than iOS, boosting its appeal among smartphone users.

Facilities like free app selection, WiFi hotspots, calendar management, and voice assistant, among others, are also surging the demand for Android smartphones. Improved battery life, enhanced security, optimised displays, and advanced mobile processors are further fuelling the Android smartphone market demand.

Meanwhile, increasing consumer preference for high-end smartphones is pushing the market for iOS, and the segment is anticipated to develop at a significant rate over the next few years. Furthermore, increasing launches of different models of iOS smartphones with improved functionalities and features are expected to positively influence the market in the forecast period.

Market Share by Region

The Asia Pacific represents a significant portion of the smartphone market share due to the region's large customer base and the flourishing telecom industry. The presence of key players such as Samsung, Huawei, Oppo, Xiaomi, and Vivo, among others, is also favouring the regional market growth.

Several countries, including Singapore, South Korea, Japan, and Australia are actively increasing their investments in the telecom sector, which is also projected to drive the Asia Pacific smartphone market demand in the coming years. Moreover, the rising adoption of technologies for different applications like delivery, gaming, and payments is likely to boost smartphone adoption in the coming years.

India has one of the highest rates of smartphone usage in the Asia Pacific, following China. The introduction of high-end and low-cost electronic products and components into the Indian market is a major factor supporting the growth in demand for smartphones. As more people in the Asia Pacific adopt new technologies and services, the demand for smartphones is expected to rise in the near future.

Meanwhile, the Europe smartphone market share is likely to surge in the coming years due to the increasing accessibility of the 5G technology and the rising adoption of omnichannel sales channels by vendors.

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Competitive Landscape

Samsung Electronics Co., Ltd., headquartered in South Korea, is one of the biggest manufacturers of electronic products in the world. Samsung specialises in the production of a wide variety of consumer and commercial electronics, including computers, digital media, smartphones, semiconductors, integrated systems, and appliances.

Apple Inc., with its headquarters in the United States, develops, manufactures, and markets mobile phones, tablets, and personal computers, among other wearable and portable technology. The company, which was established in 1976, also offers networking solutions, hardware, software, related services, and third-party digital content and apps. It is one of the most popular and premium brands in the smartphone market across the globe. The platforms via which Apple offers and disseminates digital information and apps include the Apple Store, Apple News+, App Store, Apple Arcade, Apple Pay, Apple Fitness+, Apple Card, and Apple Music.

Huawei Technologies Co., Ltd., founded in 1987, offers telecommunications and networking products. Headquartered in China, the corporation conducts research and develops servers, security, storage, and other networking solutions in addition to internet access and transmission networks. Business consultancy, network integration, assurance, managed services, learning, international delivery, and other services are also provided by Huawei Technologies.

Other smartphone market players include Alphabet Inc., Xiaomi Corporation, Sony Group Corp., ASUSTeK Computer Inc, HMD Global, BBK Electronics, Lenovo Group Ltd., HTC Corp., ZTE Corp., Lava International Ltd., Nothing Technology Limited, and Meizu Technology Co., Ltd.

Key Highlights of the Report