Global Smartphone Market Assessment, By Operating System [Android, iOS, Windows, Others], By RAM Size [Below 4 GB, 4 GB to 8 GB, 8 GB and Above], By Internal Storage [Below 4 GB, 4 GB to 32 GB, 32 GB to 128 GB, 128 GB and Above], By Front Camera [Below 8MP, 8MP to 32MP, 32MP to 48MP, 48MP and Above], By Rear Camera [Below 12MP, 12MP to 48MP, 48MP to 108MP, 108MP and Above], By Processor [Dual-core, Quad-core, Octa-core, Others], By Sim Type [Single Sim, Dual Sim, Others], By Price [Mass, Premium, Luxury], By Distribution Channel [Online, Offline], Region, Opportunities and Forecast, 2017-2031

Global smartphone market is projected to witness a CAGR of 5.10% during the forecast period 2024-2031, growing from USD 325.13 billion in 2023 to USD 484.04 billion in 2031.

Global Smartphone Market Trends, Report and Forecast 2031

Global smartphone market&nbsp;is projected to witness a&nbsp;CAGR of 5.10%&nbsp;during the forecast period 2024-2031, growing from&nbsp;USD 325.13 billion&nbsp;in 2023 to&nbsp;USD 484.04 billion&nbsp;in 2031. The smartphone market continues to grow, driven by factors such as increasing urbanization and rising disposable incomes in emerging economies contributing to higher smartphone adoption rates. Countries such as China, India, and Brazil represent significant growth opportunities due to their large populations and growing middle class.
According to an article published by India Brand Equity Foundation in July 2023, the size of the middle-class population in India will double to 61% of its total population by 2047, from 31% in 2021.
The need for connectivity and communication fuels the demand, as smartphones become essential tools for personal and professional use globally. Also, competitive pricing strategies from manufacturers, particularly in the mid-range and budget segments, make smartphones more accessible to a broader range of consumers. Moreover, innovative marketing campaigns and brand loyalty programs strengthen the market presence of major players such as Apple, Samsung, and Xiaomi. In addition, advancements in camera technology and design aesthetics appeal to consumers seeking enhanced user experiences. Also, the replacement cycle for smartphones, driven by technological undesirability and the demand for upgraded features, extends continuous market growth.
<h2 style="text-align: justify;">Growth of E-commerce Platforms Boosts Global Smartphone Market Sales</h2>
The growth of e-commerce platforms for smartphone sales has been significant in recent years due to numerous reasons such as e-commerce offers consumers a convenient way to browse and purchase smartphones from the comfort of their homes, bypassing the need to visit physical stores. The convenience factor has attracted many consumers who prefer the ease of online shopping. Also, e-commerce platforms often provide a wider selection of smartphones compared to traditional stores, allowing consumers to choose from various brands, models, and specifications. The variety enables buyers to make more informed decisions based on their specific needs and budget. Moreover, competitive pricing and frequent discounts on e-commerce platforms make smartphones more affordable for many consumers. These platforms often run promotional campaigns, flash sales, and bundle offers, which attract budget-conscious buyers.
For instance, in January 2024, BBK Electronics Corporation brand &lsquo;OPPO India&rsquo; launched a campaign launching Reno 11 Series, featuring Bollywood actor Ranbir Kapoor.
According to a report published by the International Telecommunication Union (ITU) in 2023, 78% of the global population owns a mobile phone. Europe has the highest mobile phone penetration, with 93% of the population using mobile phones. Globally, the average consumer smartphone user spends around 3 hours and 50 minutes online. This usage statistic has increased from 1 hour and 38 minutes in 2014.
Furthermore, the ease of comparing prices, reading reviews, and accessing detailed product information online helps consumers research and make well-informed purchasing decisions. Customer reviews and ratings play a crucial role in influencing potential buyers. Therefore, the growth of e-commerce in smartphone sales is driven by convenience, variety, competitive pricing, and accessibility to information, making it a preferred choice for purchasing.
<h2 style="text-align: justify;">Innovation in Smartphone Technology Accelerates Market Growth</h2>
Innovations in smartphone technology influence consumer preferences and industry evolution. Developments in camera technology have revolutionized photography, integrating advanced sensors, multiple lenses, and AI-driven computational photography to deliver exceptional image quality and versatile shooting modes. Battery innovations, including faster charging capabilities and improved energy efficiency, address longstanding concerns about battery life, enhancing user convenience and productivity. Display advancements with higher resolutions, HDR support, and adaptive refresh rates provide immersive viewing experiences for multimedia and gaming enthusiasts, setting new standards for visual quality. AI and machine learning developments enable smart features such as voice assistants, facial recognition, and predictive algorithms, enhancing device usability and personalization. Design innovations encompass sleek form factors, bezel-less displays, and durable materials, catering to aesthetic preferences and comfort. Network advancements, particularly with 5G technology, promise faster speeds, lower latency, and enhanced connectivity for seamless multimedia streaming and IoT integration.
For instance, in May 2024, BBK Electronics Corporation brand Vivo Mobile Communications Co., Ltd. launched Vivo Y 200 Pro 5G. The smartphone features the slimmest 3D curved display in its Y series.
For instance, in December 2023, the Xiaomi Corporation brand, &lsquo;POCO&rsquo; launched POCO M6 with 5G support, with imaging and a luxurious design. It has a screen size of 17.12 cm (6.74 inches) HD+ display with a mobile height of 168 mm, weight of 195 g, and depth of 8.19 mm, with a 50MP AI Dual-Camera System and 5MP Front Camera.
Also, robust privacy and security features, such as biometric authentication and encryption, ensure user data protection and trust. Continuous software updates and ecosystem improvements optimize performance, security, and compatibility with evolving digital trends, highlighting the smartphones as indispensable tools driving market innovation and consumer demand globally, further driving the market growth.
<h2 style="text-align: justify;">Android Segment Holds Major Share in the Market</h2>
The Android segment holds a major share of the smartphone market due to Android's open-source nature allowing manufacturers to customize the operating system to fit their devices, providing flexibility and differentiation in a highly competitive market. It has led to a diverse range of Android smartphones catering to various price points and consumer preferences. Moreover, Android benefits from a vast ecosystem supported by Google, offering a wide selection of apps, services, and integration with other Google products such as Gmail, Google Drive, and Google Maps. The seamless integration enhances user experience and convenience, making Android a preferred choice for many consumers.
Also, Android's global reach is strengthened by its availability across a wide range of devices beyond smartphones, including tablets, smartwatches, and smart TVs. The omnipresence fosters familiarity and loyalty among users, contributing to its market dominance. Moreover, Android's affordability compared to some competitors has made it accessible to a broader demographic, particularly in emerging markets where budget-friendly smartphones are crucial for mass adoption. Hence, Android's combination of flexibility, ecosystem strength, global availability, and affordability has set its position as the dominant operating system in the smartphone market, capturing a significant share and continuing to shape the industry's landscape, driving the market growth.
According to an article published by BankMyCell in March 2024, approximately 3.9 billion people own Android phones. An estimated 8.09 billion people, approximately 48% around the globe are Android users.
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<h2 style="text-align: justify;">Asia-Pacific is Expected to be the Fastest Growing Region</h2>
Asia-Pacific is expected to be the fastest-growing region in the smartphone market due to the region's large and diverse population, including emerging economies such as India, China, and Southeast Asian countries, presenting a vast market opportunity. As disposable incomes rise and urbanization accelerates, more people can access smartphones, driving the demand. Also, infrastructure development, particularly in telecommunications and mobile networks, has significantly improved across the Asia-Pacific. The advancement in 4G and 5G networks enhances connectivity and internet accessibility, which are crucial for smartphone functionality and usage.
Furthermore, proliferation of affordable smartphones from both global manufacturers and local brands has made smartphone ownership more accessible to a broader spectrum of consumers. Companies such as Xiaomi, Samsung, and Vivo have successfully targeted these markets with competitive pricing and localized marketing strategies. In addition, the increasing digitalization of services such as e-commerce, digital payments, and entertainment platforms has fueled smartphone adoption.
According to an article published by Invest India in February 2024, the digital India initiative has been achieving its goal and extended with a total budget of USD 1,817.44 million from 2021-22 to 2025-26.
These devices serve as communication tools and are integral part in daily life for accessing services and information. Therefore, Asia-Pacific's fastest-growing status in the smartphone market is driven by improving infrastructure, population dynamics, affordability, and the integration of smartphones into essential digital services, highlighting its important role in the global smartphone market growth.
Future Market Scenario (2024 &ndash; 2031F)
1.&nbsp;Working on advancements in camera technology will offer DSLR-like capabilities, including higher megapixel counts, optical zoom, and improved low-light performance, manufacturers can gain more traction with consumers, driving the market growth.
2.&nbsp;Working on built-in sensors and AI will monitor health metrics such as heart rate, sleep patterns, and stress levels, promoting initiative-taking health management will enhance market growth. Also, AI algorithms will personalize user experiences based on behavior patterns, preferences, and contextual data, enhancing efficiency and user satisfaction, further boosting market growth.
Report Scope
&ldquo;Smartphone Market Assessment, Opportunities, and Forecast, 2017-2031F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, that provides an in-depth analysis and qualitative and quantitative assessment of the current state of the global smartphone market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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Report Attribute
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Details
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Base Year of the Analysis
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2023
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Historical Period
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2017-2022
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Forecast Period
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2024-2031
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Projected Growth Rate
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CAGR of 5.10% between 2024 and 2031
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Revenue Forecast in 2031
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USD 484.04 billion
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Segments Covered
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Operating System, RAM Size, Internal Storage, Front Camera, Rear Camera, Processor, Sim Type, Price, Distribution Channel
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Regions Covered
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North America, Europe, South America, Asia-Pacific, Middle East and Africa
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Key Companies Profile
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Samsung Electronics Co. Ltd, Huawei Technologies Co. Ltd, Apple Inc., Xiaomi Corporation, BBK Electronics Corporation (Vivo Mobile Communication Co., Ltd., Realme Mobile Telecommunications Co., Ltd., and OnePlus Technology Co., Ltd.), Lenovo Group Limited, HTC Corporation, Sony Corporation, ZTE Corporation, Google LLC
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfill your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In the report,&nbsp;global smartphone market&nbsp;has been segmented into the following categories:&nbsp;
<ul style="text-align: justify;">
<li>By&nbsp;Operating System
<ul>
<li>Android</li>
<li>iOS</li>
<li>Windows</li>
<li>Others</li>
</ul>
</li>
<li>By RAM Size
<ul>
<li>Below 4 GB</li>
<li>4 GB to 8 GB</li>
<li>8 GB and Above</li>
</ul>
</li>
<li>By Internal Storage
<ul>
<li>Below 4 GB</li>
<li>4 GB to 32 GB</li>
<li>32 GB to 128 GB</li>
<li>128 GB and Above</li>
</ul>
</li>
<li>By Front Camera
<ul>
<li>Below 8MP</li>
<li>8MP to 32MP</li>
<li>32MP to 48MP</li>
<li>48MP and Above</li>
</ul>
</li>
<li>By Rear Camera
<ul>
<li>Below 12MP</li>
<li>12MP to 48MP</li>
<li>48MP to 108MP</li>
<li>108MP and Above</li>
</ul>
</li>
<li>By Processor
<ul>
<li>Dual-core</li>
<li>Quad-core</li>
<li>Octa-core</li>
<li>Others</li>
</ul>
</li>
<li>By Sim Type
<ul>
<li>Single Sim</li>
<li>Dual Sim</li>
<li>Others</li>
</ul>
</li>
<li>By Price
<ul>
<li>Mass</li>
<li>Premium</li>
<li>Luxury</li>
</ul>
</li>
<li>By Distribution Channel
<ul>
<li>Online
<ul>
<li>E-commerce Website</li>
<li>Company Owned Website</li>
</ul>
</li>
<li>Offline
<ul>
<li>Specialty Stores</li>
<li>Supermarkets/Hypermarkets</li>
<li>Others</li>
</ul>
</li>
<li>By Region
<ul>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
Continuous innovation by the key players characterizes the competitive landscape of the global smartphone market. The smartphone market is dominated by major players which lead through extensive portfolios, strong brand recognition, product launches, acquisitions, and brand evolution. As of 2023, Apple Inc., Samsung Electronics Co. Ltd, and Xiaomi Corporation together accounted for around 60% to 65% of the market share at global level.
The market features a diverse landscape with several key players driving the innovation and competition. Major companies such as Apple Inc., lead with its premium iPhone series, known for its ecosystem integration and high customer loyalty. Samsung Electronics Co. Ltd. offers a wide range of devices from flagship models to budget-friendly options, and Xiaomi Corporation dominating the market by rapidly gaining market share, particularly in Asia.
The market is poised for steady growth, driven by ongoing technological advancements in 5G technology, driving upgrades and innovation, increasing consumer awareness, and rising disposable incomes globally. Also, sustainability is becoming a major focus, with companies exploring eco-friendly materials and recycling programs. As competition intensifies, differentiation through unique features and robust software ecosystems will be crucial for maintaining and expanding market presence, driving the market growth.
For instance, in June 2024, BBK Electronics Corporation brand Vivo Mobile Communications Co., Ltd. expanded its Y-series with the new Vivo Y58 5G. The new smartphone features a 6000 mAh battery and 5 MP AI portrait camera, and other exclusive features.
For instance, in September 2023, Apple Inc. launched iPhone 15 and iPhone 15 plus series with a 48 MP main camera that enables high-resolution photos and a new 2X telephoto feature that gives three optical zoom levels.
Key Players Operating in the Global Smartphone Market are:
<ul style="text-align: justify;">
<li>Samsung Electronics Co. Ltd</li>
<li>Huawei Technologies Co. Ltd</li>
<li>Apple Inc.</li>
<li>Xiaomi Corporation</li>
<li>BBK Electronics Corporation (Vivo Mobile Communication Co., Ltd., Realme Mobile Telecommunications Co., Ltd., and OnePlus Technology Co., Ltd.)</li>
<li>Lenovo Group Limited</li>
<li>HTC Corporation</li>
<li>Sony Corporation</li>
<li>ZTE Corporation</li>
<li>Google LLC</li>
</ul>
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<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
</ul>
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Global Smartphone Market Assessment, Opportunities and Forecast, 2017-2031

Global smartphone market is expected to grow due to the growth of e-commerce platforms for smartphone sales, i.e., a convenient way to browse and purchase smartphones from the comfort of their homes, bypassing the need to visit physical stores.

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