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Cellular Telephones Market Report 2024-2033: Share, Industry Insights, and Forecast
Cellular Telephones Global Market Report 2024
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According to The Business Research Company's, The cellular telephones market size has grown strongly in recent years. It will grow from $419.79 billion in 2023 to $453.05 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increasing consumer demand, expanding global connectivity, mobile apps and ecosystems.
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.
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Market Drivers and Trends:
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.
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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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Cellular Telephones Market 2024 Key Insights:
• 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%.
• Rising Disposable Income Bolsters Cellular Telephone Market Growth
• Technological Advancements In Processors Elevate User Experience
• Asia-Pacific was the largest region in the cellular telephones market in 2023
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