Global Smartphone Market to Reach USD 1070317.2 MN by 2032, with 7.3% CAGR from 2024 to 2032; Confirms MRFR

Market Research Future (MRFR) announces the publication of its half-cooked research report—Global Smartphone Market

Smartphone Market Highlights

The global smartphone market is likely to grow notably, witnessing rapidly increasing sales. Increasing launches of new smartphone models would foster market growth. Market Research Future (MRFR) states that the global smartphone market value is poised to escalate from USD 563000.1 MN in 2023 to USD 1070317.2 MN by 2032, growing at a 7.3% CAGR during the forecasted period (2024 – 2032). 

Besides, the market growth is attributed to continual advances in smartphone technology that coincided with the vast demand and substantial R&D investments into product development & new technologies. Due to the demand for improved accessibility and affordability of smartphone technology, these smart mobile devices have emerged as viable solutions for communications. Substantial R&D investments are made into product development and new technologies.

The number of people using smartphones has steadily increased over the past few years. Alongside improving signal processing by accessing multiple microphones, smartphones can serve as remote microphones that can significantly improve the signal-to-noise ratio (SNR), facilitating communication in noisy environments.

In Aug.2023, Xiaomi unveiled the possible upcoming features of its new smartphone. The new model will have a pop-up front camera that promises reduced space occupation. The new smartphone design is based on its hidden electronic device and camera patent. It is thinner and lighter than Xiaomi's previous pop-up front camera models in terms of weight and size.

The proliferation of advanced operating systems (OS) also escalates the smartphone market value. Increasing digitalization is another major factor fuelling the smartphone market growth. Furthermore, the high adoption of mobile applications is a major tailwind defining the growing smartphone market landscape.

Market Segments

The smartphone market report is segmented into type, operating system, distribution channel, input device, and region. The type segment is sub-segmented into media-centric, entry-level, and performance smartphones. The sub-segment media-centric smartphone is further classified into music, navigation, gaming, and camera. The operating system segment is sub-segmented into Android, iOS, and Windows. 

In July 2023, Google announced it would bring an AI-powered smartphone revolution with its upcoming Android 14. With its innovative AI features, including generative AI, this new phone would offer a personalized and seamless user experience. Personalization will be offered by utilizing user data to tailor suggestions, responses, and actions for a seamless smartphone experience.

The distribution channel segment is sub-segmented into OEM, retailers, and e-commerce. The input device segment is sub-segmented into touch screens and keypads. By regions, the smartphone market is sub-segmented into the Americas, Asia-Pacific, Europe, and rest-of-the-world.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Smartphone Market Research Report

Geographical Analysis

North America dominates the global smartphone market due to its vast consumer base and advancements in related technologies. The well-established infrastructure in the region allows faster development and implementation of advanced technologies. Moreover, the growing use of mobile devices for payments drives the growth of the smartphone market in the region. With the increasing popularity of smartphones, the US smartphone market leads in the region, followed by Canada. 

Europe stands second in the global smartphone market. The proliferation of smartphones and vast technological upgrades in the region drives the market. The increasing adoption of smartphones stimulates market growth in the region. The strong presence of notable market players also pushes the regional market's growth. The European smartphone market is expected to grow fabulously during the review period.  

The Asia-Pacific region also accounts for a promising smartphone market. Furthermore, the availability of cost-competitive technologies and developers positively impacts the region's smartphone market share. Besides, increasing numbers of smartphone users and vast smartphone industries boost the region's market size. With the presence of many smartphone companies, China, Japan, India, and South Korea hold sizable shares in the regional market.

Competitive Analysis 

Highly competitive, the global smartphone market appears fragmented with the presence of many well-established players. They incorporate strategic approaches, such as acquisition, partnership, collaboration, expansion, and product/technology launch, to gain a competitive advantage and stay at the market forefront.

Major Players: 

Players leading the smartphone market are Samsung Electronics Co. Ltd (South Korea), Panasonic Corporation (Japan), Nokia Corporation (Finland), Google LLC (US), HTC Corporation (Taiwan), Sony Corporation (Japan), Apple Inc. (US), Xiaomi Corporation (China), LG Electronics Inc. (South Korea), Microsoft Corporation (US), OnePlus Technology Co., Ltd (China), Lenovo Group Limited (China), Huawei Technologies Co. Ltd (China), Vivo Communication Technology Co. Ltd (China), Guangdong OPPO Mobile Telecommunications Corp., Ltd (China), and ZTE Corporation (China), among others.