The Global Smartphone Market Booming Demand and Emerging Trends

Smartphones have more powerful hardware and sophisticated mobile operating systems, enabling more applications, the internet (including web browsing through mobile broadband), and multimedia functionality (including video, music, cameras, and games). In addition, smartphones have a feature found in regular phones. According to Statista's research, there will be 6.92 billion smartphone users worldwide in 2023, making up around 86.29% of the world's population. Furthermore, there will probably be more users in the near future.


Thus, the rising demand and unique features of smartphones positively influence the global smartphone market. According to a research report by Astute Analytica, the Global Smartphones Market value was US$ 273.9 billion in 2021 and is expected to reach US$ 520.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.5% over the projection period from 2022 to 2030.


Factors affect market growth

Increasing Population Disposable Income


Consumers are now more likely to have more money to spend on media, mobile technology, entertainment, and networking since they have more spare income available to them. The buying of electronic devices, including gaming consoles, tablets, laptops, and cell phones, has increased considerably in recent years. The demand for cell phones has grown dramatically as a result of increased consumer disposable income, especially in emerging economies.


5G Smartphone Launch to Increase Product Demand


5G is a feature of mobile phones that is widely used in the present era. Current cell phones are expected to be replaced with 5G-compatible versions within the next five years. Due to how easy it is to switch to embedded services like cloud storage, content subscriptions, and high-speed network access, this trend has emerged. The rising popularity of augmented and virtual reality is also helping to expand the market share of mobile devices that enable 5G. Furthermore, their ascent to the top of the global rankings is being fueled by the availability of cheap, low-power devices with fast charging capabilities.


Asia-Pacific region is one of the major markets for smartphones due to its enormous consumer base and rapidly growing telecom industry. In addition, the area is making greater investments in the mobile network. The domestic telecom sector is likely to drive the market in the area, and nations like India, Australia, Japan, South Korea, and Singapore are investing more and more in its growth.




Location: United States

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