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Smartphones Market to Exceed at 15.4% CAGR by 2020

04-19-2017 12:14 PM CET | IT, New Media & Software

Press release from: Persistence Market Research

According to a persistence market research report, the global market for smartphones is expected to expand at a CAGR of over 7% in terms of value and over 5% in terms of volume during 2016-2024.

Factors such as increasing disposable income, and expanding mobile communication networks across the globe are resulting in higher sales of consumer electronics such as laptops, tablets, gaming consoles and smartphones. In addition, robust adoption of smartphones, especially amongst the urban population is indicating a strong market growth in developed regions (where the rural to urban population is lower compared to developed regions). This, in turn, has triggered as rapid growth of the smartphone market in recent years and the trend are expected to continue over the forecast period

The global market for smartphones is anticipated to grow at a healthy rate during the forecast period due to technological advancement in telecommunication, m-commerce and electronic industry coupled with the higher penetration of low priced electronic products that are made in China including smartphones. Leading smartphone companies across the globe are focusing on further development of products and making significant investments in research and development activities in order to offer unique functionalities and improve their global market presence.

Likewise, growing acceptance of m-commerce particularly amongst the working populace is expected to support the demand for smartphones that come with smart plug-ins offering a better m-commerce experience. Intensive marketing activities by manufacturers, rising trends of social media subscription and increasing internet penetration are additional factors expected to drive the global market for smartphones in the near future. In a struggle to retain or establish market dominance, brands are implementing aggressive sales and market strategies to woo buyers with enhanced features, multiple user modes and most of all attractive pricing.

Based on operating systems, the global market for smartphone has been segmented into iOS, blackberry operating system, android, windows, and Other (Ubuntu, Tizen, and Sailfish). Amongst these, iOS is estimated to be the largest segment, accounting for over US$ 584 Billion by the end of 2024. The segment is anticipated to expand a healthy CAGR of over 9% and registering for 59.8% value share of the overall market during the forecast period. The iOS segment is closely followed by the android segment with 47.6% value share of the market, expanding at a CAGR of over 6%. By 2016 end, the android segment is anticipated to account for the highest volume share of the market, which is over 69%. In addition, the segment is expected to witness a further rise of its volume share up to 70% by 2024 end. In terms of value, the android segment is anticipated to account for over 50% share of the market by the end of 2016, whereas, the iOS segment is projected to account for over 46% revenue share in 2016. Similarly, the android segment is expected to expand at a healthy CAGR through 2024 owing to the growing supply and demand for low priced android phones. By the end of 2016, the blackberry operating system is projected to surpass US$ 7,563 Million. While the windows segment is expected to stand at US$ 8,819.9 Million.

Based on distribution channel, the market is segmented into e-Commerce, OEM and Retailer. E-Commerce is expected to witness the highest growth, reflecting a CAGR of over 9%. In 2016, the segment is projected to cross US$ 175.3 Billion in terms of value. In addition, the segment is closely followed by OEM segment, which is anticipated to grow at over 7% during the forecast period. Furthermore, the segment is projected to stand at US$ 221.2 Billion by 2016 end. While the retailer segment is expected to cross US$ 218 Billion in the same year.

Request to view table of content @ http://www.persistencemarketresearch.com/market-research/consumer-electronics-market/toc

On the basis region, the global market for smartphones is segmented into North America, Western Europe, Latin America, Asia Pacific Excluding Japan (APEJ), Eastern Europe, Japan, and the Middle East and Africa (MEA). In 2016, APEJ is projected to be the most lucrative market for smartphones, accounting for over 33% share in terms of value. The region is anticipated to maintain its dominance during the forecast period. In addition, robust infrastructural development and economic growth in several parts of the region is expected to drive the growth of smartphone market in APEJ. Increasing inflow and higher production of low priced efficient electronic products and components are additional factors positively influencing the market in APEJ. On the other hand, the market in MEA is expected to witness the highest growth during 2016-2024, expanding at a CAGR of over 13%. This is due to the rapid urbanization that is taking place in the region leading to increasing number of buyers willing to purchase high-end smartphones. Moreover, growing demand for consumer electronics and higher disposable income is translating into stout adoption of smartphones in the region.

A sample of this report is available upon request @ http://www.persistencemarketresearch.com/samples/3068

Vendor News
Key players operating in the global market for smartphones include Apple Inc., Huawei Technologies Co. Ltd., LG Electronics Inc., ZTE Corporation, Samsung Electronics Co. Ltd.,vVivo Communication Technology Co. Ltd., Lenovo Group Limited, and, TCL Communication Technology Holdings Limited.

About Us

Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.

To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.

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