Global Smartphones Market to Grow at a CAGR of 3.5% During 2024-2032, Driven by Rapid Technological Advancements and Rising Mobile Internet Usage

The market in North America is significantly growing due to the presence of leading smartphone brands such as Apple, Inc. and Alphabet, Inc. in countries like the United States. Almost the entire population of the USA owns cell phones, and smartphone penetration has increased to 85% in 2021, up from around 35% in 2011. Around 15% of adult Americans only use their smartphones for internet access. iPhone and Samsung are the two most commonly used brands in the US.

The Asia Pacific is expected to account for a significant smartphones market share due to the rising adoption of digital payment services. Growing telecom investments in nations like South Korea, Japan, Australia, and Singapore, are expected to fuel the demand for smartphones in the region in the forecast period.

The proliferation of high-end and cheap products in India and the introduction of the Production-Linked Scheme to encourage the production of design-led networking and telecom solutions in India also drive the market size.

The expansion of smartphone retail stores by renowned brands further contributes to the market growth. In January 2024, Apple, Inc. inaugurated the 100th Apple Store location in the Asia Pacific area and the seventh retail store in South Korea. Situated in the heart of a busy university district in Seoul, Apple Hongdae boasts a vibrant area where students, families, and the community at large can explore and purchase Apple's amazing range of goods and services, get first-rate assistance from highly skilled team members, and take part in complimentary sessions.

Nearly 100 knowledgeable retail team members at Apple Hongdae are prepared to assist customers in exploring and obtaining the newest Apple products, such as the new iPhone 15 lineup, the Mac lineup featuring the M3 family of chips, the Apple Watch lineup, which includes Apple’s first-ever carbon-neutral products, and the special-edition AirPods Pro for the Lunar New Year, which is celebrating the Year of the Blue Dragon and making its debut in South Korea.

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Market Analysis by Operating System, Distribution Channel, and Region:

• The market, on the basis of operating systems, can be divided into Android and iOS, among others.

• Based on distribution channel, the market can be divided into OEMs stores, retailers, and online, among others.

• The major regional markets for smartphone include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Rapid technological advancements in smartphone technologies such as processing power, camera capabilities, display quality, and enhanced battery life drive the market. Additionally, the incorporation of 5G technologies and AI features in the device contributes to the smartphones market growth.

• Global internet usage via mobile devices has surged by 67% in 2022-23, and the number of internet users is rapidly rising. Reportedly, the percentage of mobile data traffic that uses 5G is expected to increase to 76% by 2029, surging the demand for smartphones.

• Consumers’ rising disposable income, unique smartphone features and functionalities, and their dependence on app-based services strengthen the market demand for smartphones.

• Due to consumers’ growing interest in sustainability and eco-friendly products, smartphone manufacturers are using recycled metals and materials.

Key Offerings of the Report:

• The EMR report gives an overview of the global smartphones market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the operating systems, distribution channels, and major regions of smartphones.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global smartphones market are Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Huawei Technologies Co., Ltd., Xiaomi Corporation, Sony Group Corp., ASUSTeK Computer Inc, HMD Global, BBK Electronics, Lenovo Group Ltd., HTC Corp., ZTE Corp., Lava International Ltd., Nothing Technology Limited, and Meizu Technology Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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