Smartphone Market Revenue to Register a CAGR of 7.9% by 2024

The global smartphone market is expanding at a rapid pace and 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. In terms of value, the global smartphone market is projected to show healthy incremental opportunity during the forecast period.

Key market drivers and trends

Smartphones are the most demanded electronic devices today owing to a change in the lifestyle of people, where owning a smartphone is not just a necessity but a norm. 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).

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To differentiate their products from competitors, smartphone manufacturers such as Apple Inc., Samsung Electronics Co., Ltd., Huawei Technologies Co., Ltd., Lenovo Group Limited, and LG Electronics Inc. are investing in the development and production of their own application processor (AP) to maintain market share and margins. With a rising trend of m-commerce particularly among the working population, there is an increasing 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.

Market projections by segmentation

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, expanding at a substantially high CAGR of 9.1% over the forecast period with a relatively high value share of 49.8%. The Android segment is expected to follow closely with a value share of 47.1% 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.

By Distribution Channel, the OEM segment is estimated to account for the highest value share of 36.1% in 2016 which is expected to increase to 36.7% by 2024 with a CAGR of 7.9% over the forecast period. The e-Commerce segment is estimated to account for 28.8% revenue share by 2016 and is expected to register the highest CAGRs of 7.8% and 9.3% in terms of volume and value respectively over the forecast period.

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Key geographies

The global smartphone market has been segmented on the basis of region into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan, and the Middle East and Africa (MEA). The APEJ region is projected to remain dominant throughout the forecast period. In terms of value, APEJ is estimated to account for a market share of 33.7% in 2016 and is estimated to be valued at US$ 221.96 Bn by the end of 2016. The markets in North America and Latin America are estimated to account for 17.5% and 12.3% value share respectively in 2016. MEA is projected to be the fastest growing market over the forecast period, with a growth rate of 13.4%.

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