Smartphone Market Size [2022-2029] Exhibits 7.3% CAGR to Reach USD 792.51 Billion in 2029
As per the report by Fortune Business Insights, the global smartphone market size is projected to reach USD 792.51 billion in 2029, at a CAGR of 7.3% during the forecast period, 2022-2029
/EIN News/ -- Pune, India, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Fortune Business Insights has published latest forecast for smartphone market share in their report titled, Smartphone Market Share Forecast, 2022-2029”. As per the report, the global market size was USD 457.18 billion in 2021. The global smartphone market share is projected to grow from USD 484.81 billion in 2022 to USD 792.51 billion in 2029 at a CAGR of 7.3% in the forecast period, 2022-2029.
As per the research conducted by our expert analysts, the rising adoption of Internet of Things technology is anticipated bolster market growth. Likewise, surging home ownership by millennials and growing flexible income in established nations to navigate automated home demand.
KEY INDUSTRY DEVELOPMENTS:
August 2021: Samsung introduced the ‘Galaxy Z Flip3 5G’ and ‘Galaxy Z Fold3 5G’, the innovative foldable mobile phone. With iconic design, both the devices are built with flagship innovation, offering a unique user experience to work, play and watch.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 7.3% |
| 2029 Value Projection | USD 792.51 Billion |
| Base Year | 2021 |
| Smartphone Market Size in 2021 | USD 457.18 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Operating System, Distribution Channel and Geography |
| Smartphone Market Growth Driver | Trend for Digitization to Drive Innovation |
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
Click here to get the short-term and long-term impact of COVID-19 on this Market:
https://www.fortunebusinessinsights.com/industry-reports/smartphone-market-100308
Market Growth Drivers:
Trend for Digitization to Drive Innovation
Stakeholders anticipate the expansion of connectivity solutions to foster smartphone market growth during the forecast period. The trend for mobile phone connectivity has become pronounced across healthcare devices, fleet management operations, automobiles, infrastructure security systems and smart metering. Besides, governments and other stakeholders are likely to inject funds into digitization, prompting smartphone manufacturers to bolster their portfolios. Notably, in April 2021, Apple, Inc. announced an investment of around USD 430.00 billion to bolster 5G technology and silicon engineering in the U.S to underpin American innovation strategies for the next 5-years.
Smartphone Market Segments Analysis
Based on the operating system, the market is segmented into iOS, android, windows and others.
In terms of the distribution channel, the industry is segregated into e-commerce, retailer and OEMs stores.
On the basis of region, the market is segmented into Asia Pacific, North America, Europe, South America and the Middle East and Africa.
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Smartphone Market Regional Insights:
Expanding Telecom Sector to Foster Asia Pacific Market
Leading companies anticipate China, India and Australia to provide promising growth opportunities in the telecom sector. Bullish investments in the smartphone will remain a catalyst in driving the penetration of IoT and 5G. Leading companies are likely to launch innovative products in the ensuing period. In January 2022, Vivo Mobile Communication Co., Ltd rolled out ‘V23 and V23 Pro’ in India and termed India’s 1st color-changing smartphone.
North America smartphone market share will garner a substantial uptick in the wake of presence of leading companies across the U.S. and Canada. To illustrate, in November 2021, Huawei Device Co., Ltd. asserted that it was contemplating releasing mobile handsets across Canada to offer better customer services. It is worth noting that the rising footfall of the e-commerce sector will remain instrumental in fostering product adoption.
Industry participants envisage Europe as a happy hunting ground owing to the investments in the automotive and telecom sectors. Specifically, in July 2020, SAMSUNG joined hands with the German Federal Office for Information Security (BSI), Bundesdruckerei (bdr) and Deutsche Telekom Security GmbH to develop a hardware-based security architecture. Bullish strategies are likely to be pronounced with major companies likely to prioritize technological advancements.
Key companies profiled in the market are:
- Apple Inc.
- SAMSUNG
- Oppo
- Huawei Device Co., Ltd.
- OnePlus
- Sony Group Corporation
- Xiaomi
- HTC Corporation
- Google LLC
- ZTE Corporation
Major Table of Contents:
- North America Smartphone Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Operation System (USD)
- Android
- iOS
- Windows
- Others (Linux and Others)
- By Distribution Channel (USD)
- OEM
- Retailer
- E-commerce
- By Country (USD)
- U.S.
- Canada
- Mexico
- Europe Smartphone Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Operation System (USD)
- Android
- iOS
- Windows
- Others (Linux and Others)
- By Distribution Channel (USD)
- OEM
- Retailer
- E-commerce
- By Country (USD)
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Benelux
- Nordics
- Rest of Europe
- Asia Pacific Smartphone Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Operation System (USD)
- Android
- iOS
- Windows
- Others (Linux and Others)
- By Distribution Channel (USD)
- OEM
- Retailer
- E-commerce
- By Country (USD)
- China
- India
- Japan
- South Korea
- ASEAN
- Oceania
- Rest of Asia Pacific
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