Smartphones Market CAGR Projected to Grow at 7.9% by 2024: Research Report Insights

Consumption of smartphones will continue to surmount newer heights of progress, generating considerable dominance in global consumer electronics sector. Common trends such as the urge to make leisure time exciting and the need to simplify manual tasks have strongly influenced the development of global smartphones market. Increasing popularity of games, applications and other functions, smartphones are becoming a necessity for every consumer.

Moreover, enhancement in smartphone technology is boosting growth opportunities for market and augmenting existing product portfolios of smartphone manufacturers. Overall, such factors are giving enough reasons for consumers to own a smartphone. To close the deal, leading smartphone manufacturers are also encouraging consumption trends by reducing production costs through automated mechanism, lowering product prices through direct sales, and providing supplementary accessories to ensure consumer satisfaction. Incidentally, several other factors are anticipated to stimulate the rampant growth of global smartphones market over the forecast period 2016-2024.

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Operating systems have been a crucial aspect for comprehending smartphones market as they tend to shape consumption trends and allow insights on consumer preferences. The global market for smartphones is segmented on the basis of operating systems such as iOS, Android, Blackberry OS, and Windows, among others. The varying performances of such operating systems have remodeled the ways consumers select their smartphone. Leading smartphone manufacturers such as Apple, Inc. and Google, Inc., have developed or acquired high-end operating systems in order to gain market dominance. Such moves allowed advanced development of operating systems and intensified the progress of global smartphones market. Android continue to be the foremost operating systems segment in the global market, estimating a 50.7% value share by the end of 2016. Meanwhile, the revenues garnered through consumption of iOS smartphones in 2016 are predicted to procure 46.2% share of global market revenues. The global smartphone market is expanding at a rapid pace and is projected to register a healthy CAGR of 7.9% in terms of value and 5.8% in terms of volume during the forecast period 2016–2024.

On the basis of distribution channels, smartphones are being predominantly sold through OEMs throughout the global market. By 2016-end, OEMs is likely to be the segment with highest share among distribution channels, securing a 36.1% value share of global smart phones market. However, revenues from this segment are expected to be outdone by e-Commerce channels. Being an ideal distribution channel for smartphones, e-Commerce will be account for 28.8% revenue share in 2016, and will continue to expand at an impressive growth rate.

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In terms of regional segmentation, the global market is primarily influenced by rising consumption of smartphones in Asia Pacific excluding Japan (APEJ) region, followed by North America and Latin America. Availability of smartphones at lower prices, compared to global standards, has influenced consumers from APEJ region to regard smartphones as an affordable electronic device. In 2016, the region is predicted to procure a 33.7% value share of global smartphones market by attaining a value of US$ 221.96 Bn solely. Shifting trends in consumer electronics industry across APEJ region keeps driving the sales of a smartphone over other, without risking the probability of overall deficit. As a result, the smartphones market in APEJ region demonstrates undulating yet progressive growth in terms of consumption.

Leading smartphone manufacturers in the global market include, Apple Inc., Vivo Communication Technology, Huawei Technologies Co. Ltd., TCL Communication Technology Holdings Limited, Samsung Electronics Co. Ltd., LG Electronics, Lenovo Group Limited, and ZTE Corporation, among others.

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