Smartphones Market Outlook to 2031: CAGR of 6.8% Forecasted by Persistence Market Research

✅ Market Overview and Growth Outlook

The global smartphones market is experiencing steady expansion, driven by rapid technological advancements, increasing internet penetration, and shifting consumer preferences toward smart and connected devices. In 2024, the global market size for smartphones is valued at US$ 578.8 billion, and it is projected to reach US$ 982.8 billion by 2031, reflecting a CAGR of 6.8% during the forecast period.

A confluence of factors underpins this growth. The integration of Artificial Intelligence (AI) into smartphones, proliferation of 5G connectivity, and expanding adoption of mobile commerce (m-Commerce) are among the primary drivers. Additionally, the growing urban population, along with rising disposable incomes, particularly in developing nations, has elevated demand for mid-range and premium smartphones.

Among all segments, Android smartphones continue to hold the largest market share owing to their affordability and diverse manufacturer ecosystem. However, iOS smartphones are registering faster growth in developed countries due to increasing consumer preference for premium features and brand loyalty.

Geographically, North America leads the global smartphones market. The region's strong position can be attributed to the early adoption of 5G, sophisticated telecom infrastructure, and the dominance of Apple, especially in the U.S., where it commands over 58% market share. However, Asia Pacific, particularly India and China, is emerging as a high-growth region, driven by economic development, digitalization, and demand for budget and mid-range smartphones.

✅Get a Sample Copy of Research Report (Use Corporate Mail id for Quick Response): https://www.persistencemarketresearch.com/samples/11827

✅ Key Highlights from the Report

➤ The global smartphones market is set to grow at a CAGR of 6.8% through 2031.
➤ Mid-range smartphones priced between $200-$500 dominate market sales.
➤ North America currently leads due to high Apple smartphone penetration and 5G rollout.
➤ Android continues to dominate OS market share, but iOS is growing faster.
➤ India is projected to grow at a CAGR of nearly 9.5%, becoming a key regional hotspot.
➤ The U.K. smartphones market is expected to double in value by 2031.

✅ Market Segmentation Insights

Smartphones are categorized based on operating system (OS), price range, and sales channels, each impacting consumer choice and overall market dynamics.

Operating System (OS) Segmentation

The smartphone OS market is chiefly divided between Android and iOS. Android leads globally due to its availability across various price points and manufacturers. It supports budget-friendly options, making it popular in price-sensitive markets like India and Southeast Asia. On the other hand, iOS, limited to Apple devices, is favored in premium segments and developed economies like the U.S., U.K., and Japan. Although Android holds the lion's share, iOS is expanding faster, driven by consumer preference for privacy, ecosystem integration, and high-end performance.

Price Range and Sales Channel Segmentation

By price, the market is divided into low-range (Below $200), mid-range ($200-$500), and premium (Above $500) categories. Mid-range smartphones dominate the segment due to a balance of affordability and functionality, especially in emerging markets. These devices often provide features comparable to premium models but at accessible prices.

In terms of sales channels, the market is split between online/e-commerce platforms and offline retail stores. While offline stores remain crucial in rural and semi-urban areas, e-commerce is rapidly growing, especially post-pandemic, offering convenience, better deals, and a wide range of choices for consumers.

✅ Regional Insights: Key Market Trends

North America and Europe

North America remains the most mature and lucrative smartphone market globally, driven by advanced telecom infrastructure, the dominance of high-end brands like Apple, and early 5G adoption. The U.S. market, in particular, is expected to grow at a CAGR of 6.6% through 2031. With Apple capturing a majority share, the iOS ecosystem remains a key growth driver in the region.

In Europe, the U.K. stands out with an anticipated growth of 8.1% CAGR, primarily driven by the demand for Android smartphones. Strong consumer preference for high-spec devices, robust manufacturing investment, and technological awareness support market growth across Western Europe. Additionally, iOS accounted for over US$ 35 Bn of the U.K. smartphone market in 2020.

Asia Pacific and Emerging Markets

The Asia Pacific region is projected to witness the fastest growth globally. India is a significant contributor, with expected smartphone market growth of nearly 9.5% CAGR through 2031. Factors such as increasing smartphone penetration, telecom sector advancements, and affordable product offerings are fueling demand. Moreover, the surge in local manufacturing and import of affordable components boosts market accessibility.

Other developing nations in APAC, like Indonesia, Vietnam, and Pakistan, are also emerging as strong markets due to rising internet usage, youthful populations, and expansion of 4G and 5G networks.

✅ Market Dynamics

Market Drivers

The shift toward digital lifestyles and the rise of mobile internet consumption are among the major market drivers. With 5G-enabled smartphones now being introduced at lower price points, consumer upgrade cycles are shortening, further driving demand. Additionally, AI and ML integrations in smartphones have improved device performance and user experiences, encouraging consumers to switch to newer models faster.

The growing use of smartphones for financial services, social media, gaming, and work-from-home solutions further cements their status as essential devices, especially in urbanized areas.

Market Restraints

Despite favorable conditions, several challenges persist. One of the major restraints is the shortage of semiconductor components that continues to affect global production capacities post-COVID-19. Supply chain disruptions and increasing raw material costs are likely to delay product launches or inflate device pricing, especially in the budget and mid-range categories.

Additionally, market saturation in mature economies like the U.S., Canada, and Western Europe reduces the pace of new smartphone sales. Consumers in these markets often delay upgrades, particularly when annual releases bring incremental updates.

✅Request for Customization of the Research Report: https://www.persistencemarketresearch.com/request-customization/11827

Market Opportunities

There are significant opportunities in untapped and underpenetrated markets, particularly in Africa, Southeast Asia, and parts of Latin America. With increasing mobile connectivity and affordability of Android devices, new user acquisition remains strong.

In the premium segment, foldable smartphones, AI-powered imaging systems, and extended reality (XR) integrations are carving out niche demand segments. Moreover, strategic collaborations between telecom providers and OEMs for carrier-locked 5G smartphones present new monetization models.

✅ Company Insights

✦ Apple Inc.
✦ Samsung Electronics Co., Ltd.
✦ Huawei Technologies Co., Ltd.
✦ Google LLC
✦ Sony Corporation
✦ Motorola Mobility LLC
✦ Nokia Corporation
✦ Xiaomi Corporation
✦ Vivo Communication Technology Co., Ltd.
✦ Oppo Mobile Telecommunications Corp., Ltd.
✦ LG Electronics Inc.
✦ HTC Corporation
✦ OnePlus Technology Co., Ltd.
✦ AsusTek Computer Inc.

✅ Recent Market Developments

■ In 2024, Samsung launched its latest AI-powered Galaxy Z Fold smartphone, integrating generative AI features with foldable design.
■ Apple introduced the iPhone SE 4 with 5G support at a mid-range price point, aimed at tapping emerging markets.

✅ Frequently Asked Questions (FAQs)

➤ How Big is the Smartphones Market in 2024?
➤ Who are the Key Players in the Global Smartphones Market?
➤ What is the Projected Growth Rate of the Market?
➤ What is the Market Forecast for Smartphones through 2031?
➤ Which Region is Estimated to Dominate the Smartphones Industry?

✅ Reasons to Buy the Report

Gain an in-depth understanding of current and future market dynamics.

Analyze competitive landscapes and benchmark with leading smartphone players.

Identify growth segments across OS, pricing, and regions.

Understand post-COVID recovery trends in supply chains and production.

Receive actionable insights for investment and strategic planning.

✅ Conclusion

The global smartphones market is on a strong growth trajectory, poised to reach nearly US$ 1 trillion by 2031. Rapid adoption of 5G, expanding digital ecosystems, and growing demand for mid-range and premium devices are reshaping consumer behavior and industry strategies alike. While mature markets like North America and Europe continue to lead in revenue, emerging economies in Asia Pacific-especially India-are set to drive future volume growth, thanks to rising affordability and deeper mobile penetration.

Despite challenges such as chip shortages and price sensitivity, smartphone manufacturers are innovating rapidly-incorporating AI, enhanced cameras, foldable displays, and sustainable materials to meet evolving customer expectations. With increasing digital reliance across personal, professional, and entertainment needs, smartphones are no longer just communication tools-they are central to modern life.

Contact Us:

Persistence Market Research
G04 Golden Mile House, Clayponds Lane
Brentford, London, TW8 0GU UK
USA Phone: +1 646-878-6329
UK Phone: +44 203-837-5656
Email: sales@persistencemarketresearch.com
Web: https://www.persistencemarketresearch.com

About Persistence Market Research:

At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.

Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.

This release was published on openPR.