Smartphone Market- Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2024-2032, Segmented By Operating System (Android, iOS, and Others (Microsoft, Blackberry, etc.), By Display Technology (LCD, OLED, AMOLED and Others (FHD+, LCD+FHD, etc.), By Distribution Channel (Multi-brand store, Exclusive Store, Online and Others), By Region

The global smartphone market is expected to reach USD809.95 billion by 2027F, with a CAGR of 8.33% during the forecast period. The global smartphone market is mainly driven by three factorsthe population in urban areas, the increasing replacement market, and increasing technological advancements. The smartphone is one of those electronic gadgets that everyone around the globe needs, and after the pandemic, the need for smartphones has increased rapidly.

The global

During COVID-19, the sales of smartphones decreased as many countries were on lockdown, and the global supply chain was not functioning. During this time, many companies stated that they faced a decrease in the volume of smartphones sold as there was low demand during the first two quarters of 2020, but in the second half of the year, the smartphone industry started rising at a prolonged rate.

Increasing Online Sales Drives the Market Growth

Online sales increased in 2020 due to different types of lockdown and social distancing practices. Offline-first companies like Samsung, Vivo, and OPPO have expanded their online presence. Smartphone manufacturers have extended their online presence on e-commerce sites such as Amazon, E-bay, etc. Customers opted to purchase mobile phones through the internet. Xiaomi launched 'Mi on Wheels' to boost sales through offline channels and rural areas. Many firms created unique promos and loyalty schemes like "Smart Upgrade" to retain and grow their user base.'

Enhanced Specification at Astonishing Prices is Fueling the Market Growth

Due to a drop in phone demand and consumer confidence, smartphone firms fought tooth and nail to entice users, particularly in the budget class, with dazzling displays, sophisticated camera setups, and high-end capabilities. Users in the mid-tier and budget pricing sectors are genuinely spoiled for choice and no longer have to sacrifice functionality.

Availability of 5G Services Drives the Market Growth

5G services are now extensively found at throughout Europe, and in most cases, there is no additional charge on top of current rates. Although 5G handsets were accessible before 5G services, the two rapidly caught up, with mature geographies (such as northern Europe) experiencing the most uptake. Brands will continue to strive for novel 5G use cases, while 4G handset prices will likely erode swiftly, or the devices will withdraw from the company's portfolio like Apple. The legacy network shutdown will drive the adoption of 4G and 5G hybrid phones (smart feature phones) and new operating systems that cater to niche segments like the elderly and rugged devices.

Increase in Usage of Smartphone fuels the Market Growth

The pandemic has created a new routine and changed people's lives worldwide. The coronavirus pandemic has proven our dependence on smartphones, whether through

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Market Segmentation

Company Profiles

Apple Inc, Samsung Electronics Co., Ltd., Xiaomi Communications Co., Ltd., Vivo Mobile Communication Co., Ltd., Guangdong Oppo Mobile Telecommunications Corp., Ltd., Huawei Technologies Co., Ltd., Motorola Mobility LLC, Realme Chongqing Mobile Telecommunications Corp., Ltd., Tecno Mobile Ltd., LG Electronics, and others are among the major market players in the smartphone industry that led the market growth of the global smartphone market.