Global Smartphone Market Size, Share And Forecast To 2030

(MENAFN- Straits Research) Introduction

A subclass of mobile phones known as smartphones differs from feature phones in terms of sophisticated hardware and software capabilities as well as the mobile operating system it uses. A handful of the various features offered by smartphones include web browsing, voice and video calling, music, video, gaming, camera capability, multimedia, voice, and video functionality. Cell phones have increased along with the popularity of social media platforms like facebook and Twitter. The global positioning system (GPS), gyroscope, flash memory, optical fingerprint sensors, near field connection (NFC), augmented reality, virtual reality, and other cutting-edge technologies have all been included in smartphones over time.

Market Dynamics Introduction of 5G Technologies, Equipment, and Services Drive the Global Market

Several end-user industries are investing significantly in 5G across numerous international markets. The use cases that can increase the productivity of various sectors are growing as 5G connectivity becomes more widely available. Due to the widespread use of smartphone technology, consumers are increasingly expecting digital engagement and personalized experiences overall. The market's growth under study is also accelerated by other technologies, such as better cameras, screens, foldable smartphone technology, etc. A sizable customer base is anticipated for foldable smartphones, which combine the advantages of a large-screen tablet with the portability of a smartphone during the forecast period.

The 5G technology is one of the main factors anticipated to provide OEMs with chances to expand their market presence and support future growth. By 2026, there will likely be 3.5 billion 5G subscriptions worldwide, according to a study by Ericsson. Global demand for infrastructure and technology is also anticipated to rise. These trends are expected to fuel future smartphone market growth significantly. Future flexible and foldable displays should provide growth opportunities for smartphone manufacturers. The demand for these foldable smartphones is likely to increase if the manufacturers can lower the cost of producing the components of these devices, such as flexible OLEDs, chips, sensors, and batteries, specifically designed for these devices. The growing demand for miniaturization in consumer electronics and multi-screen devices is also anticipated to open several new business opportunities.

Regional Analysis

Asia-Pacific is the most significant global smartphone market shareholder and is expected to grow at a CAGR of 2.98% during the forecast period. Demand for entry-level smartphones is expected to rise in developing countries like India and Indonesia, where local governments promote mobile and digital economies. Digital India, India's flagship initiative, aims to give everyone internet access. India's growing data traffic is critical in developing 5G devices. India's PLI Scheme offered a 6-4% incentive on phone sales from 2019 to 2020. High-end international cell phone manufacturers must sell 400 million INR in 2020–21 to qualify for incentives. Government initiatives are also anticipated to boost the smartphone market during the forecast period.

Latin America is expected to grow at a CAGR of 4.98%, generating USD 196.94 million during the forecast period. While countries like China, South Korea, and the United States set global standards for technological advancements and applications, some countries in the Latin American region are getting ready to deploy 5G as early adopters. According to Ericsson, there will be nearly 184 million 5G mobile subscriptions in the area by 2026. According to the GSMA, Mexico and Uruguay will be the first countries in the region to roll out 5G technology. For instance, Antel Uruguay and Nokia have already installed a commercial 5G network in Nueva Palmira, a municipality in Colonia and La Barra, Maldonado Province. Similarly, Telcel, a Mexican company, declared that Mexico would get a 5G network in 2020. In Latin American countries that have recently allocated more frequencies for mobile broadband, dynamic spectrum sharing may help speed up the rollout of 5G as the variety of 5G devices, from smartphones to fixed-wireless equipment, increases.

Due to their higher cost, smartphones are primarily out of reach for the most African population. As part of the calendar of events for the GSMA Thrive Africa 2020, Orange announced the release of the Sanza touch, an exclusive orange smartphone and one of the most affordable 4G Android devices, in September 2020. The company, which stated that the device would retail for around USD 30, claimed that the ultra-affordable price point of the device was intended to make it the most accessible device on the market to promote digital inclusion and give a great deal more people access to mobile internet. Local telecoms are working with device manufacturers to encourage and simplify using 5G technology. The region's adoption of 5G will also be accelerated by government initiatives encouraging device manufacturers to create affordable 5G devices.

Key Highlights

• The global smartphone market size was valued at USD 1,471.94 million in 2021. It is expected to reach USD 1,726.77 million by 2030, growing at a CAGR of 1.79% during the forecast period (2022–2030).
• Based on the operating system, the global smartphone market is bifurcated into android and iOS. The android segment owns the highest market share and is expected to grow at a CAGR of 1.47% during the forecast period.
• Asia-Pacific is the most significant global smartphone market shareholder and is expected to grow at a CAGR of 2.98% during the forecast period.