by Market Overview:
Smartphones are mobile phones with advanced computing capabilities and internet connectivity. They enable various applications like navigation, camera, music, video, messaging and make phone calls. Smartphones provide ease of access to internet, run different applications and enhance productivity and overall experience of users.
The smartphone market is estimated to be valued at US$ 1.45 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the smartphone market is growing demand for 5G enabled smartphones. 5G promises faster data transfer speeds and lower latency compared to 4G networks. It is estimated that over 1 billion 5G smartphone shipments are expected by the end of 2023. Many leading smartphone manufacturers have started launching 5G enabled phones at competitive prices to tap into the growing demand for high speed internet on mobile. Growing adoption of 5G is expected to drive the sales of 5G enabled smartphones significantly over the forecast period.
SWOT Analysis
Strength: The smartphone market enjoys a large user base globally with high penetration rates. Advanced features and functionalities of smartphones attract more customers.
Weakness: High price points of new flagship smartphones can deter certain customer segments. Over-saturation of the market poses threat of decreased growth rates.
Opportunity: Emergence of 5G-enabled smartphones provides an opportunity for improved user experiences. Demand from developing markets still offers room for growth.
Threats: Increased adoption of other smart connected devices may divert usage away from smartphones. Stringent government regulations around data protection and privacy can impact sales.
Key Takeaways
The global Smartphone Market Growth is expected to witness high growth, exhibiting a CAGR of 4.1% over the forecast period, due to increasing affordability of devices and higher replacement rates. Advancements in processor and camera technologies further fuels upgrades.
Asia Pacific dominates the global smartphone market occupying around 50% share in 2023 primarily due to huge population of China and India with growing affordability. North America and Europe are expected to grow at modest rates albeit on a higher base. Focus is increasing on developing markets of Middle East and Africa region.
Key players operating in the smartphone market are Samsung Electronics, Apple Inc., Huawei Technologies Co., Ltd., Xiaomi Corporation and Vivo Communication Technology Co. Ltd. Samsung dominated with around 20% value share led by a diverse portfolio across price segments catering to a vast customer base globally. Apple has strong brand recognition among premium segment users worldwide. Chinese brands like Xiaomi and Vivo are expanding aggressively in Asia Pacific and global emerging markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
