Global Smartphone Market Revenue to Record a CAGR of 7.9% by 2024

Persistence Market Research delivers key insights on the global smartphone market in a new report titled, “Smartphone Market: Global Industry Analysis and Forecast, 2016–2024”. The global smartphone market 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. The report provides insightful information on the global smartphone market pertaining to the value chain, market trends, competitive landscape, market dynamics, and market estimation and forecast for the projected eight-year period.

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Rising disposable income increases the probability of consumer spending on media, entertainment, and networking and mobile communication; leading to higher potential sales of consumer electronics such as smartphones, tablets, laptops, and gaming consoles. The instances of smartphone adoption are very high among the urban population as compared to the rural population – and hence there is high demand for smartphones in developed regions (where the urban to rural population ratio is higher than developing regions). These factors have led to a sudden growth of the global smartphone market over the last few years and this trend is likely to continue in the coming eight years.

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The global smartphone market is expected to witness substantial growth over the forecast period owing to advancements in the electronic, telecommunication, and m-Commerce industry as well as the increasing penetration of the Chinese smartphone industry. Leading global smartphone manufacturers such as Apple Inc., Samsung Electronics Co., Ltd., Huawei Technologies Co., Ltd., Lenovo Group Limited, and LG Electronics Inc. are making strategic investments in the development and production of their own application processor (AP) to differentiate their offerings and maintain increased market share and margins. There is also a rising trend of m-commerce particularly among the working population, and this has increased the demand for smartphones with top-notch features supporting m-commerce. Growing internet penetration, increasing marketing activities by vendors, and rising subscription in social media are some of the other key factors driving the growth of the global smartphone market. In the tug of war over customer acquisition and retention, brands are resorting to aggressive marketing and sales strategies to woo the new generation of smartphone wielding young professionals with attractive pricing, enhanced features, and multiple user options.

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