Smartphone Marketis expected to register exponential growth

According to the latest research report published by Market Data Forecast, the global smartphone market size is anticipated to reach USD 686.7 billion by 2029 from USD 493.08 billion in 2024, growing at a CAGR of 6.85% from 2024 to 2029.

In Q4 2023, the global smartphone market rose by 7 percent YoY to 323.2 million devices. Apple surpassed Samsung to take the top rank with a 2 percent YoY growth. On the other hand, Samsung had a 9 percent YoY decrease in market share, falling short of Apple in the luxury category, Chinese OEMs like Xiaomi in the mid-tier, and Transsion brands in the entry-level.

Global Smartphone Market Report Scope:
• Market Size (2029): USD 686.7 Billion
• Market Size (2023): USD 493.08 Billion
• CAGR (2024 to 2029): 6.85%
• Base Year: 2023
• Forecast Period: 2024 to 2029
• Segments Analysed: Operating System, Distribution Channel, and Region
• Geographies Covered: North America, Europe, APAC, Latin America, and Middle East & Africa
• Key Market Players Profiled: Samsung Electronics Co. Ltd, Apple Inc., Huawei Technologies Co. Ltd, Lenovo Group Limited, LG Electronics Inc., TCL Communication Technology Holdings Limited, ZTE Corporation, Vivo Communication Technology. Co. Ltd., and others.

Market Drivers:

Two key strategies for smartphone makers in 2024 will be to increase shipments in the mid-to-low-end segment and invest in on-device AI for the high-end.
The growing need for wireless portable devices is the main factor driving the market. Furthermore, the market expansion is being impacted by the growing number of people using the internet and the products that are being adopted widely because of their increased security, ease of use, convenience, and availability of numerous calling features. Additionally, the market is growing as a result of consumers' growing preference for smart gadgets that offer simple accessibility, cutting-edge features, web surfing capabilities, a wide range of applications, and rapid online buying.
In addition, the industry continues to be moved ahead by continuous product advancements, like the incorporation of high-resolution sensors in miniaturized cameras and enhancements in battery life and dependability. In addition, the growing need for contactless payments among consumers is driving the market's expansion. These phones make it unnecessary to swipe cards or enter data by hand, which lowers the possibility of human error and facilitates a quicker checkout process. The market is developing due to several other factors, such as the expanding working population, increased internet penetration, and rising consumer spending power.

Market Restraints:

Several factors contributed to the 4 percent fall in the worldwide smartphone market in 2023. The fall was ascribed to decreased channel investments in developed regions such as North America, Europe, and Mainland China, as well as muted consumer spending. The drop in smartphone sales worldwide was also influenced by the unanticipatedly delayed recovery in China, concerning bank failures, excessive inventories, and consumers' decision to replace devices less regularly. The market's downturn has also been attributed to ongoing problems plaguing the smartphone industry, including economic uncertainty and declining consumer buying power as a result of things like OPEC countries reducing their oil supply.
Furthermore, the expansion of the smartphone market remains hindered by the paucity of semiconductors and mobile chips. The continuous chip scarcity is one of the main causes of the drop in smartphone sales. It's been challenging for manufacturers to obtain the parts they need to assemble phones because of the scarcity of chips. Production delays and increased costs have resulted in a decrease in consumer interest in purchasing new phones.

Browse full details of the report @ https://www.marketdataforecast.com/market-reports/smartphone-market

Key Insights from The Report:

• Based on the Operating system, the Android segment led the market and accounted for a large share of the global market in 2023.
• Based on the Distribution Channel, the E-commerce segment captured the largest share of the global market in 2023.
• North America dominated the global smartphone market in 2023. Europe accounted for the second-highest share of the global market in 2023, and the Asia-Pacific region is estimated to grow over the forecast period.

SEGMENTATION INCLUDED IN THIS REPORT:

By Operating System:
• Android
• iOS
• Others

By Distribution Channel:
• OEM
• Retail
• E-Commerce

By Region:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

TABLE OF CONTENTS:

1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year, and Forecast Periods

2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline

3. Report Overview
3.1 Executive Summary
3.2 Key Inferences

4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends

5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market Share Analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquisition Landscape
5.3 Joint Ventures & Collaborations

6. Market Segmentation
6.1 Smartphone Market, By Operating System
6.1.1 Android
6.1.2 iOS
6.1.3 others
6.1.4 Market Size Estimations & Forecasts (2024 to 2029)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.7 Market Attractiveness Index
6.2 Smartphone Market, By Distribution Channel
6.2.1 OEM
6.2.2 Retail
6.2.3 E-Commerce
6.2.4 Market Size Estimations & Forecasts (2024 to 2029)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index

7. Geographical Landscape
7.1 Global Smartphone Market by Region
7.2 North America - Market Analysis (2024 to 2029)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Operating System
7.2.3 By Distribution Channel
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Operating System
7.3.3 By Distribution Channel
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Operating System
7.4.3 By Distribution Channel
7.5 Latin America
7.5.1 By Country
7.5.1.1 brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Operating System
7.5.3 By Distribution Channel
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Operating System
7.6.3 By Distribution Channel

8. Key Player Analysis
8.1 Samsung Electronics Co. Ltd
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Apple Inc
8.3 Huawei Technologies Co. Ltd
8.4 Lenovo Group Limited
8.5 LG Electronics Inc
8.6 TCL Communication Technology Holdings Limited
8.7 ZTE Corporation
8.8 Vivo Communication Technology. Co. Ltd
8.9 Oppo
8.10 Xiaomi inc

9. Market Outlook & Investment Opportunities

10. Appendix
List of Tables
List of Figures

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