Press release
Smart Phones Market to Double-USD 917.6 Billion by 2030, 6.35% CAGR
Smart Phones Market
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United States
United States Growth
The U.S. smartphone market held a ~US$143 billion share in 2024, with a CAGR forecast of 7.6% from 2024 to 2034. High disposable income and early 5G adoption are key growth drivers.
United States Opportunity
Continued rollout of AI and AR capabilities in flagships.
Expansion in mid-price 5G devices.
United States Trends
Apple and Samsung maintain >70% share (Apple ~57%, Samsung ~20%).
Shift toward generative AI features even in lower price tiers .
United States Consolidation
M&A activity in North America has slowed; deal volume fell ~55% since.
Strategic partnerships instead of mega‐mergers are on the rise.
United States Updation
OEMs diversifying manufacturing to India and Vietnam following U.S.-China tariff concerns.
Asia Pacific
Asia Pacific Growth
Asia Pacific dominated with 44-57% market share in 2024, holding US$232.1 billion of revenues, and is expected to grow at ~8-8.4% CAGR through 2034.
Asia-Pacific Opportunity
Massive first-time buyer base in India, Indonesia, and Vietnam.
Government subsidies in China and rising 5G adoption support sustained demand.
Asia-Pacific Trends
Smartphone brands are embedding AI into affordable models.
Expansion of foldables and AR-driven phones in South Korea and China.
Asia-Pacific Consolidation
M&A is active-Chinese deals nearly tripled in H1 2025.
OEMs investing in local manufacturing capacities.
Asia-Pacific Updation
Tamil Nadu became India's "iPhone capital"; India produced ~16 million iPhones in 2024 and exports rose 42%.
Europe
Europe Growth
Europe held roughly 25.8% of the global market in 2024 (valued at US$206.9 billion) and is expected to grow at ~7.5% CAGR through 2034.
Europe Opportunity
Demand for premium, sustainably‐built 5G devices.
Rising preference for local and EU‐certified tech.
Europe Trends
Steady shipments (+3% in Q4 2024).
Android market share remains dominant (~84% revenue share in 2024) .
Europe Consolidation
European firms leading M&A in H1 2025 .
Partnerships over outright acquisitions are preferred in device supply chains.
Europe Updation
OEMs optimizing supply lines to reduce dependency on Asia amid geopolitical risks.
Middle East & Africa (MEA)
MEA Growth
MEA posted the fastest regional CAGR (~5.2% to 2030), with strong prospective growth. Budget to mid-tier segment demand is resurging post-2023 slump.
MEA Opportunity
Budget 5G handsets gaining traction in India, Middle East, and Africa.
Rise of pre-owned smartphone market.
MEA Trends
Premium segment growth (+17%) led by AI phones and foldables.
Growth tied to remittance-driven purchases and feature phone replacements.
MEA Consolidation
M&A picks up via Asia-Pacific and European investment .
OEMs tying up with regional distributors for market coverage.
MEA Updation
Emergence of pre‐paid smartphone subsidy programs and e-commerce-led sales initiatives.
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Global M&A & Key Developments
European and Asia Pacific acquirers spearheaded over 85 large deals (>US$100M) in H1 2025, while North America's deal volume dropped ~55% since 2021.
OEMs are strategically shifting manufacturing to India and Vietnam to mitigate tariff risks.
Major brands (Apple, Xiaomi, Vivo) continue integrating AI features and 5G even in mid-price ranges.
Samsung led Q2 2025 global shipments with 58 million units (+7.9%), while Apple held steady at +1.5%.
Smart Phones Market Segmentation:
by Operating System
Android Smartphones
iOS Smartphones
Others
The market for smartphones is divided into several operating systems, including iOS, Android, and others. In 2023, Google LLC's Android OS segment, which is used in practically all phones aside from Apple products and a few others, held the largest market share. Because of its largest market shares, the Android OS provides an open ecosystem, a user experience that can be customised, and continuous updates at a reasonable price. The growing demand for Apple products, particularly in nations like China, South Africa, India, and others, is predicted to propel the iOS segment's growth rapidly. The market is expanding as a result of the desire for high-end cellphones being fuelled by the popularity of Apple products among young people.
by Distribution Channel
OEMs
Online/e-Commerce
Physical Retail Stores (Offline)
The market for smartphones is divided into three segments based on distribution channels: OEMs, online/e-commerce, and physical retail outlets. Over the course of the projection period, the e-commerce category is expected to dominate the market. The e-commerce segment market is growing due to the work-from-home concept and the expansion of in-line purchasing facilities. Original equipment manufacturers, or OEMs, typically open their manufacturing facilities nationwide without the assistance of a third party. In 2023, physical retail outlets will account for a sizable portion of the market, and they are anticipated to rise significantly over the course of the forecast period. Because they are convenient and accessible to customers who do not have easy access to online shopping platforms or who like to see and touch things before making a purchase, physical retail establishments are essential in developing nations.
by Price Range
Low-range Smart phones (Below $200)
Mid-range Smart phones ($200-$500)
Premium Smart phones (Above $500)
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Smart Phones Market Major Players:
1. Apple Inc.(US)
2. Samsung Electronics (South Korea)
3. ZTE Corp. (China)
4. Huawei Technologies Co., Ltd. (China)
5. Sony Corp. (Japan)
6. Vivo Communication Technology Co. Ltd. (China)
7. Xiaomi Corporation(China)
8. Guangdong OPPO Mobile Telecommunications Corp., Ltd. (China)
9. Nokia Corporation (Finland)
10. AsusTek Computer Inc. (China)
11. Micromax Informatics Ltd. (India)
12. Panasonic Corp (Japan)
13. Microsoft (US)
14. Google (US)
15. BlackBerry (Canada)
16. Motorola, Inc.
17. HTC Corporation
18. Lenovo Group Limited (China)
19. BBK Electronics Corp. Ltd.
20. Mobicel
21. Transsion Group
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