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The smartphone market is estimated to grow at a CAGR of 3.44% between 2022 and 2027. The size of the market is forecasted to increase by 226.17 million units.
AI in smartphones is rapidly driving market growth. AI is changing the way consumers interact with technology. AI is used in smartphones to offer features such as facial recognition and augmented reality (AR). Smartphone vendors are investing in R and D to ensure that they offer the best user experience using AI. Vendors such as Apple Inc. (Apple), Samsung Electronics Co. Ltd. (Samsung), and Huawei Investment and Holding Co. Ltd. (Huawei) have introduced AI-based chips on smartphones that can perform multiple operations per second and use significantly less power to perform these tasks. For instance, in October 2022, Google launched the Google Pixel 7 and 7 Pro smartphones, which include various AI-enabled features, such as Eraser and Photo Unblur, next-generation Google Assistant, and facial recognition to make payments and unlock the phone. Additionally, factors such as the adoption of premium smartphones in emerging countries, and the adoption of bezel-less screens are key factors driving the market growth.
This report extensively covers market segmentation by price range (between $150-$800, less than $150, and greater than $800), technology (Android, iOS, and others), screen size (between 5-6 inches, greater than 6 inches, and less than 5 inches), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing adoption of premium smartphones in emerging countries is notably driving the market growth, although factors such as ongoing trade wars affecting smartphone sales may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Smartphone Market Driver
These factors will drive the growth of the market during the forecast period.
Significant Smartphone Market Trend
Major Smartphone Market Challenge
Key Smartphone Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Smartphone Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alphabet Inc. - The company offers Pixel 6A smartphone, which is designed with Gorilla Glass 3 display screen and has a 6.1-inch screen display.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the between $150-$800 segment will be significant during the forecast period. This segment covers mid-range smartphones. Vendors of such smartphones provide customers with various necessary features at a reasonable price range.
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The between $150-$800 segment was valued at 1,055.72 million units in 2017 and continued to grow by 2021. Smartphone vendors have introduced features such as dual cameras, AI, Internet access, virtual reality, and gaming in mid-range smartphones. For instance, in December 2022, Xiaomi corporation announced the launch of a new smartphone Redmi K60 Pro priced at USD 569. Such new product launches are expected to drive the growth of the $150-$800 segment of the global smartphone market during the forecast period.
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APAC is estimated to contribute 66% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The smartphone market in APAC has grown significantly over the past few years. China, Japan, India, South Korea, and Indonesia are the major revenue-generating countries in the region. Rapid urbanization region has led to a rise in the disposable income of people, which has increased the purchasing power of smartphone customers. The growth of the smartphone market in the region is also driven by various other factors, including the development of telecom infrastructure and the emergence of budget-centric smartphones.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. In 2020-2021, the outbreak of COVID-19 adversely impacted the growth of major manufacturing industries, including consumer electronics such as smartphones. Factors such as a deep decline in demand for final products from consumers, semiconductor chip shortage, and the slowdown in the R&D process negatively impacted and hindered the growth of the global smartphone market in the region in 2020 and 2021. However, the increasing adoption of premium smartphones in developing countries and increasing investments by vendors in the global smartphone market are expected to fuel the growth of the smartphone market in APAC during the forecast period.
The report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The reports categorize the global smartphone market as a part of the technology hardware, storage, and peripherals market, which covers products and companies engaged in manufacturing/marketing consumer robotics, home audio and video products, televisions, digital cameras, and related products. The market excludes mobile phones, PCs, and peripherals, which have been classified under the technology hardware, storage, and peripherals market. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Smartphone Market Scope |
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Report Coverage |
Details |
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Page number |
191 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.44% |
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Market growth 2023-2027 |
226.17 million units |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
3.26 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 66% |
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Key countries |
US, China, India, Germany, and Brazil |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Acer Inc., Alphabet Inc., Apple Inc., ASUSTeK Computer Inc., Guangdong OPPO Mobile Telecommunications Corp. Ltd., Honor Device Co. Ltd., HTC Corp., Kyocera Corp., Lava International Ltd., Lenovo Group Ltd., LG Corp., Micromax Informatics Ltd., Nokia Corp., Samsung Electronics Co. Ltd., Shenzhen Transsion Holdings Co. Ltd., Sony Group Corp., TCL Electronics Holdings Ltd., Xiaomi Communications Co. Ltd., ZTE Corp., and Huawei Technologies Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Price Range
7 Market Segmentation by Technology
8 Market Segmentation by Screen Size
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Trends
12 Vendor Landscape
13 Vendor Analysis
14 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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