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| Smartphone Market |
Market Overview:
Smartphones have become an integral part of daily life due to their compact
size and ability to perform a variety of tasks such as making phone calls,
messaging, browsing, accessing social media, gaming, and more. They offer
advantages like portability, connectivity, and access to various apps.
The smartphone
market is estimated to be valued at US$
1.45 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023-2030, as highlighted in
a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the smartphone market is the rising adoption of 5G
technology. 5G offers significantly higher speeds and lower latency compared to
previous cellular network generations. It allows for technologies like augmented
and virtual reality, autonomous vehicles, and smart cities to function
effectively. 5G networks are being built out globally and smartphone
manufacturers are launching more models that are 5G compatible. This is
expected to fuel higher sales as consumers upgrade to experience the benefits
of 5G connectivity.
Segment Analysis
The global smartphone market is dominated by the Android operating system
segment. Android operating systems accounted for nearly 70% share of the global
smartphone shipments in 2022 owing to their open ecosystem and availability of
a wide range of affordable Android smartphones from various manufacturers such
as Samsung, Xiaomi, Oppo, and Vivo. The iOS system, powered by Apple Inc.,
captured a significant share as well given Apple's premium brand value and
loyal customer base. However, the iOS share has remained stagnant over the past
few years due to its availability only on expensive iPhone models.
Key Takeaways
The global Smartphone
Market Growth is expected to witness high growth, exhibiting a CAGR of 4.1% over the forecast period,
due to increasing digitization and rising internet penetration worldwide. The
global smartphone market size is expected to reach US$ 1.45 Bn in 2023.
Regional analysis indicates that Asia Pacific dominated the global smartphone
market in 2022 and is expected to continue its dominance during the forecast
period. This can be attributed to the large population and growing middle-class
in countries such as China, India, and Indonesia which has led to increased
spending on smartphones. North America and Western Europe are other major
regions for the smartphone market, driven by high average selling price and
high replacement rates of smartphones in these developed markets.
Key players operating in the smartphone market are Samsung Electronics, Apple
Inc., Huawei Technologies Co., Ltd., Xiaomi Corporation and Vivo Communication
Technology Co. Ltd. Samsung Electronics continues to lead the global smartphone
market, driven by its wide product portfolio across different price points and
strong brand awareness in international markets. Apple Inc. has a significant
market share due to its premium iPhone models and strong customer loyalty
despite high prices.
For more details on the report, Read- https://www.ukwebwire.com/smartphone-market-trends-size-and-share-analysis/
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