The size of the global smartphones market is anticipated to increase from US$ 507.5 billion in 2021 to US$ 982.8 billion by 2031, growing at a CAGR of 6.8% over the ten-year period.
The rising popularity of m-commerce and e-commerce, particularly among working people, is expected to drive this growth. Some of the main variables influencing worldwide smartphone sales are rising social media subscriptions, expanding Internet penetration, and increased marketing efforts by smartphone companies.
The COVID-19 pandemic-related economic slump increased demand for inexpensive smartphones. The likelihood that consumers will spend money on media, entertainment, and networking will rise over the next years, though.
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Global smartphone sales increased at the rate of 2.7% over 2016-2020. Demand for smartphones has grown owing to integration of Artificial Intelligence (AI) technology in many mobile phones. Major companies such as Apple, Samsung, and Huawei operating in the market are introducing powerful smartphone AI chips that can use considerably less power to accomplish more tasks and perform up to 5 trillion operations per second.
Persistence Market Research identifies North America, followed by Asia Pacific, as the leading smartphones market. Expansion in North America is supported by the presence of advanced telecom infrastructure, rapid 5G deployment, and presence of key smartphone manufacturers in the region.
What are the Key Factors Driving Demand for Smartphones?
“5G-enabled Smartphones to Drive Most Market Growth Going Forward”
Introduction of 4G LTE technology and 5G services across various developing countries is expected to drive sales revenue of smartphones in such countries.
Various smartphone manufacturers are focused on launching 5G smartphones to cater to increasing demand for 4G-enabled smartphones and 5G-enabled smartphones for tech savvy consumers. Increasing demand for 5G smartphones is expected to decrease the prices of 4G smartphones, which is further expected to drive sales volume as a result.
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Smartphones Industry Survey by Category
Smartphones Market by Operating System:
- Android Smartphones
- iOS Smartphones
- Others
Smartphones Market by Price Range:
- Low-range Smartphones (Below $200)
- Mid-range Smartphones ($200-$500)
- Premium Smartphones (Above $500)
Smartphones Market by Sales Channel:
- Online/e-Commerce
- Physical Retail Stores (Offline)
Smartphones Market by Region:
- North America Smartphones Market
- Latin America Smartphones Market
- Europe Smartphones Market
- Asia Pacific Smartphones Market
- Middle East Smartphones Market
FAQ’s:
- How big is the smartphones market?
- What is majorly driving demand for smartphones?
- What will be the demand outlook for smartphones through 2031?
- What is the market share of the top 5 manufacturers of smartphones?
- Which countries are registering high growth in the Europe smartphones market?
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Global Mobile Water Treatment Market was valued US$ 1.10 Bn in 2017 and is expected to reach US$2.8 Bn by 2026, at a CAGR of 12.39% during a forecast period.
