Smartphone Market is Driven by Increasing Disposable Income of Individuals

According to a new market research report published by Credence Research “Global Smartphone Market (by Platform (Android,  iOS, Others); Age Group (Below 18 years, 19–60 years, 61 years and above);  Distribution Channel (OEMs, Retail, E-commerce); Price (Premium range, Mid-Range Phones, Budged Phones)) – Growth, Future Prospects, and Competitive Analysis, 2019 – 2027”, the overall smartphone market had registered a market value of US$ 260.60  Bn in 2018 and is set to grow with a CAGR of 8.30 % during the forecast period.

Market Insights

The increasing disposable income of individuals is one of the major factors driving the market. The development of new variant phones with higher frequencies and the advance feature is contributing to the growth of the market. Moreover, increasing smartphone subscribers yearly is also driving the smartphone market. Similarly, digitalization has allowed the individuals to compare the smartphone features, prices, offers, storge capabilities and others on a single platform irrespective of their locations, which has also contributed to driving the market.

Based on the distribution channel, the smartphone market has been segmented as OEMs, retail, and e-commerce. The e-commerce segment is expected to be the fastest-growing segment during the forecast period due to the ease of buying and featured offers. E-commerce websites also provide offers based on different smartphones to increase the sale. Moreover, due to increasing digitalization, the individuals are rapidly adopting the e-commerce channel to buy smartphones leading to an increase the overall sale of smartphones. E-commerce allows users to surf different smartphones on a single website.

North America accounted for the second position in the smartphone market during 2018 and was expected to grow with a significant market CAGR during the forecast period due to the development of new technologies and features in the smartphones in the region. Moreover, the presence of various companies such as Motorola, Apple Inc. and others which are investing heavily in the development of new smartphone technology is also contributing to the growth of the market. The rising digitalization and rising adoption of smartphones to perform various tasks such as surfing the internet, operating social media with smartphones, online transactions and others are some of the key factors contributing to the growth of the market.

Some of the prominent players operating in the market are Samsung Electronics, Apple Inc., Huawei Technologies Co. Ltd., Lenovo Group Limited, LG Electronics Inc., TCL Communication Technology Holdings Limited, ZTE Corporation, Vivo Communication Technologies, Sony Corporation, Oppo Mobile Telecommunications Corp., Ltd, Nokia Corporation, Xiaomi Corporation, OnePlus, Microsoft Corporation, and Panasonic Corporation

 

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