by The smartphone market has witnessed steady growth over the past decade due to the growing dependence on connectivity and advanced features. Smartphones have become multifunctional devices that allow users to access the internet, stream content, use business and entertainment apps, make payments, check emails, and stay connected with friends & family through social media and messaging platforms. The advanced capabilities of smartphones help users streamline workflows and maximize productivity on-the-go. The global smartphone market saw shipments of more than 1.57 billion units in 2020. The introduction of 5G technology is further fueling the demand for high-speed internet on mobile devices.
The Global Smartphone Market Size is estimated to be valued at US$ 1.68 trillion in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the smartphone market is the growing preference for dual and triple rear camera setups. Leading brands are focusing on equipping smartphones with multi-camera systems to offer advanced photographic capabilities like portrait mode shots, wide-angle photography and lossless digital zoom. This allows users to capture high-quality images and videos. Many new launches in 2021 featured quad-camera and penta-camera configurations. The demand for powerful cameras is expected to drive innovation and upgrade cycles.
Porter’s Analysis
Threat of new entrants: The smartphone market has high barriers to entry due to established brand loyalty of customers and high capital requirements for R&D.
Bargaining power of buyers: Buyers have high bargaining power in the smartphone market due to availability of variety of options at different price points and brands.
Bargaining power of suppliers: Chipset and other component manufacturers have moderate bargaining power due to availability of substitute suppliers and components.
Threat of new substitutes: Threat of substitution is moderate as other smart devices like tablets, laptops and wearables can replace smartphone functions to some extent.
Competitive rivalry: The smartphone industry has high competitive rivalry among top players to gain market share by continuous innovation and upgrade of technologies.
Key Takeaways
The global smartphone market is expected to witness high growth over the forecast period of 2024 to 2031. The global Smartphone Market is estimated to be valued at US$ 1.68 trillion in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031.
Asia Pacific region currently dominates the smartphone market owing to high sales volumes in countries like China and India. Key players operating in the region are focusing on R&D and new product launches catering to the large customer base. North America shows moderate growth prospects for smartphone market during the forecast period. USA and Canada together account for majority of the regional market share currently. Players are expanding their manufacturing facilities to cater to the growing demand.
Key players operating in the smartphone market are Vidyo, Sightcall, Sinch, GENBAND, Twilio Inc., TokBox, Agro.io, and Xura. These players are focused on developing advanced features and technologies like 5G, artificial intelligence, foldable displays etc. to attract customers. They are also investing in partnerships and mergers for long term growth.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
