With 19.0% CAGR, Global Smartphone Market to Grow Due to Rapid Technological Advancement - TMR

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Sep 26, 2018, 05:30 ET

ALBANY, New York, September 26, 2018 /PRNewswire/ --

The global smartphone market is a standout amongst the most fluctuating industry to compete and comprises of over 170 companies selling off and launching their product in the market. Every player centers around earning more and more share in the local market. Advancement in technology turns out to be a major hindrance in the growth of these firms in the market, since they want to roll out essential improvements to distribution and manufacturing procedures. The significant players in the global smartphone market are OPPO Co Ltd., Apple, Inc., Panasonic Corporation, LG Electronics Inc., Samsung Electronics Co., Ltd., Nokia Corporation, HTC Corporation, Sony Corporation, Xiaomi Corporation, and so on.

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According to a report by Transparency Market Research, the global smartphone market is prognosticated to expand at a robust CAGR of 19.0% within the forecast period from 2018 to 2026. The smartphone market is likely to achieve a worth of US$ 1,503,280.1 mn by 2026. As far as volume is concerned, the global smartphone market is anticipated reach around 3,280.6 million units by the end of forecast period.

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On the basis of operating system, the market is dominated by the segment of android based smartphones holding around 55% share in the overall market in as per the revenue. This operating system is quite adopted in the region of Europe and Asia Pacific. Apart from that, since the android based smartphone is more user-friendly and is comparatively affordable in terms of price range, it makes it a more preferred choice among the buyers. Geographically, Asia Pacific leads the global smartphone market, trailed by Europe and North America. Smartphone replacement has become a notable trend that is fueling the demand for smartphone in the market. Additionally, the Asia Pacific market is also foreseen to grow owing to emergence of various key firms in the region.

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Increased Internet Based Services to Help Market Growth

Rise in usage of Internet-based service because of accessibility of advance LTE systems is in charge of surge in popularity of smartphones. Key drivers of the smartphone market are global disposable income as per per-capita, expansion rate, mobile insurance acknowledgment rate, and advent of high-paced internet.

The rising prominence of multi-sim smartphones is one of the essential smartphone market drivers. Multi-SIM smartphones are mostly used in developing nations, for example, China and India and, have achieved tremendous popularity in the last few years. A few lead smartphones including the Samsung Galaxy S7 Edge, OnePlus 3, LG G6, and Huawei P10, have begun supporting various SIMs. Multi-SIM smartphones are prominent in such nations because of the option to choose from diverse tariff plans for data and voice calls and access better cell inclusion without having to pay for the roaming charges. This wipes out the extra expenses of having different handsets for business or personal communications.

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Increasing per Capita Income to Contribute Rising Share in Market

Moreover, Asia Pacific is estimated be the major contributor of share in smartphone market in the forthcoming years. The rising economy with expanding per capita salary, the tremendous rise in population, and the enthusiasm to utilize new technology are few of the smartphone business patterns picking up pace in the smartphone market.

This analysis is based on a recent market research report by Transparency Market Research, titled, "Smartphone Market ((Operating System - (Android, iOS, Windows), Distribution Channel {Online, Offline (Single Brand Store, Multi-Brand Store), Price Range (Below US$ 100, US$ 100-200, US$ 200-500, US$ 500 and above), Size (below 4.0", 4.0" - 5.0", Up to 6.0" ),RAM Size (Below 2GB,2GB-4GB,upto 8GB)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 - 2026."

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Free Takeaways:

Rise in usage of Internet-based service because of accessibility of advance LTE systems is in charge of surge in popularity of smartphones.
The rising prominence of multi-sim smartphones is one of the essential smartphone market drivers.

The Global Smartphone Market is segmented as below:

Market Segmentation:

Global Smartphone Market, by Operating System

Android
Windows
iOS

Global Smartphone Market, by Price Range

Below US$ 100
US$ 100-200
US$ 200-500
US$ 500 and above

Global Smartphone Market, by RAM Size

Below 2GB
2GB-4GB
Up to 8GB

Global Smartphone Market, by Size

below 4.0"
0"-5.0"
Up to 6.0"

Global Smartphone Market, by Distribution Channel

Online
Offline
- Multi-brand
- Single Brand

Global Smartphone Market, by Region

North America
- The U.S.
- Canada
- Rest of North America
Europe
- The U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
Asia Pacific (APAC)
- India
- China
- Japan
- Australia
- South Korea
- Rest of APAC
Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
South America
- Brazil
- Argentina
- Rest of South America

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