Press release
Connected Worlds: Cellular Telephones Redefine Communication in 2024- Discusses how cellular telephones are redefining communication and connecting the world in 2024.
The cellular telephones market size is expected to see strong growth in the next few years. It will grow to $648.43 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to 5g technology, internet of things (iot), emerging markets, remote work and digital transformation, environmental concerns. Major trends in the forecast period include foldable and flexible displays, augmented and virtual reality, ai and machine learning, security and privacy.
Market Overview -
A cellular telephone is a telecommunications system in which a portable or mobile radio transmitter and receiver are linked through microwave radio frequencies to base stations that connect the user to a regular telephone network.
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Rising Disposable Income Bolsters Cellular Telephone Market Growth
Increase in disposable income is driving the cellular telephones market. Cellular telephones have now become a necessity in every household owing to advantages such as connectivity, productivity applications, entertainment and education and with increasing disposable income, individuals are increasingly buying smartphones. For instance, according to TRADING ECONOMICS, a US-based provider of economic indicators and financials, In the United States, disposable personal income increased from 18700.30 USD in August to 18771.60 USD in September of 2022. Rise in disposable income coupled with affordability increased the purchasing power of the individuals and in turn propelled the growth of the cellular telephones market.
Competitive Landscape -
Major companies operating in the cellular telephones market include Samsung Electronics Co. Ltd., Apple, Huawei, LG Electronics, Lenovo, Xiaomi, OPPO, Vivo, Motorola Mobility Holdings Inc, TCL Corporation, Research In Motion Limited, Sony Mobile Communications Inc., ZTE Corporation, Nokia, HTC Corporation, Others, Xiaomi, Gionee, LeEco/Coolpad, Micromax Informatics Ltd., Ericsson
Technological Advancements In Processors Elevate User Experience
Companies in the cellular telephones market are introducing technological advancements in processors that give the best customer experience. The smartphones are incorporated with 7nm (nanometer) processors that increase the speed of the device and have improved power efficiency and some are expected to support 5G technology as well. For instance, in 2021, Samsung launched their Galaxy F62 smartphones with 7nm Exynos 9825 processors to provide fast performance and power efficiency to young Gen Z and millennial customers.
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Key Segments -
The cellular telephones market covered in this report is segmented -
1) By Product Type: Smartphone, Feature Phone
2) By Age-Group: Under 18 Years Old, 18-45 Years Old, 45-60 Years Old, Above 60 Years Old
3) By Distribution channel: OEM, Retailer, E-commerce
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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