South Korea Smart Phone Market to Grow at a CAGR of 8.1% During 2024-2032, Aided by the Growing Technological Advancements and Rapid Digitalisation

Growing digitisation in the country has supported the growth of the South Korea smart phone market. According to the World Bank, 97% of the South Korean population uses the Internet. Reportedly, the number of 5G subscribers reached 24.53 million in August 2022, accounting for 32.7% of total mobile subscriptions in South Korea.

 
In addition, the presence of leading market players like Samsung, LG, and SK Telecom is aiding the market growth. Samsung is the leading smartphone manufacturer in South Korea, accounting for 65.9% of the total value, followed by Apple, accounting for 28.7% share. The other players accounted for 5.5%, which includes LG, Xiaomi and Huawei.

Increasing technological innovation is supporting the market, for instance, in January 2024, Samsung launched its latest Galaxy S24 smart phone focusing on AI capabilities. The new device offers features such as real-time translation during phone calls in different languages, circle-to-search functionality for images, and AI-powered message tone adjustments. Other AI features include summarising voice recordings, generative photo editing, and real-time video enhancement. Earlier, in August 2022, Samsung had launched new foldable phones, Galaxy Z Fold 4 and Flip 4, in 40 countries including South Korea. The country witnessed 970,000 preorders for the first seven days.

Further, the market is benefitting from the rising online sales of electronics in the country. In South Korea, 97.6% of smart device eCommerce sales is driven by smart phones. Smart device eCommerce sales are expected to reach USD 9,822.1 million by 2028, according to industry reports. 

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Market Breakup by Operating Segment, Display Technology, Price Range, and Distribution Channels: 

• The market is segmented based on operating segment into Android, and iOS, among others. 

• Based on display technology, the market can be divided into LCD, AMOLED, and others.

• By price range, the market is divided into low-end, mid-range, high-end, and premium. 

• Based on distribution channel, the market is bifurcated into offline and online.

Key Findings of the Report:

• The growing digitalization in South Korea is supporting the demand for smart phones. The country has a 97% internet penetration rate and a significant portion of 5G subscribers.

• Leading companies like Samsung, LG, and SK Telecom dominate the South Korean smartphone market. Samsung is the largest vendor, followed by Apple. Their presence and innovation contribute significantly to the market growth.

• The rise in e-commerce sales, particularly in the electronics sector, is bolstering the smartphone market growth. Smartphones hold a significant percentage of smart device sales, indicating the market's growth potential.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea smart phone market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the operating segment, display technology, price range, and distribution channels of smart phone.

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

The major players in the South Korea smart phone market are Samsung Electronics Co., Ltd., LG Electronics, Apple Inc., Xiaomi Corporation, and Motorola Mobility LLC, 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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