Smartphones Market to Value at 7.9% CAGR 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.

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.

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.

The global smartphone market is segmented on the basis of Operating System (Android, iOS, Windows, Blackberry Operating System, Other (Sailfish, Tizen, and Ubuntu)) and Distribution Channel (OEM, Retailer, e-Commerce). On the basis of operating system, the iOS segment is anticipated to account for US$ 584.9 Bn by 2024, registering a substantially high CAGR of 9.1% over the forecast period with a relatively high value share of 59.8%. The Android segment is expected to follow closely with a value share of 47.6% and a CAGR of 6.7%. In terms of volume, the Android operating system is estimated to account for the largest market share of 69.3% in the global smartphone market by the end of 2016 and is expected to increase to 70.0% by 2024. The Android segment is estimated to account for 50.7% value share in 2016 while the iOS segment is estimated to account for a revenue share of 46.2% in 2016. In terms of value, the Android segment is likely to register a high CAGR between 2016 and 2024 and this can be attributed to an increase in the demand and supply of reasonably priced android smartphones. The Blackberry Operating System segment is estimated to be valued at US$ 7,563.1 Mn in 2016 while the Windows Operating System segment is estimated to be valued at US$ 8,819.9 Mn in 2016.

On the basis of distribution channel, the e-Commerce segment is expected to show a significantly high growth rate of 9.3% followed by the OEM segment with a 7.9% growth rate by the end of 2024. The e-Commerce segment is estimated to be valued at US$ 175.3 Bn in 2016. The OEM segment is estimated to be valued at US$ 221.2 Bn in 2016 while the Retailer segment is estimated to be valued at US$ 218.1 Bn in 2016. As compared to the other segments, the OEM segment is expected to exhibit a relatively high attractiveness index over the forecast period. In terms of value, the global smartphone market is likely to project a healthy incremental opportunity during the forecast period.

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The report covers the global smartphone market across seven key regions namely – North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan, and the Middle East and Africa (MEA). On the basis of region, APEJ is estimated to be the largest market for smartphones, accounting for 33.7% value share of the global smartphone market in 2016. The APEJ region is projected to remain dominant throughout the forecast period. There is a rapid growth of infrastructure and economic development in several countries in the APEJ region and this is expected to boost the growth of the smartphone market in this region. An increasing inflow of low priced high-end electronic components and products in APEJ is another key factor significantly impacting the smartphone market in the region. MEA is projected to be the fastest growing market over the forecast period, with a growth rate of 13.3%. The MEA region has witnessed rapid urbanization over the last few years and this has subsequently led to an increase in the number of consumers willing to purchase high-end smartphones. A rise in the disposable income and increasing demand for consumer electronics has led to a growing adoption of smartphones in the MEA region and this trend is expected to continue during the forecast period.

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The report also profiles some of the leading smartphone companies operating in the global smartphone market. Key market players featured in the report include Samsung Electronics Co. Ltd., Apple Inc., Huawei Technologies Co. Ltd., Lenovo Group Limited, LG Electronics Inc., TCL Communication Technology Holdings Limited, ZTE Corporation, and Vivo Communication Technology Co. Ltd.

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