Smartphone Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Smartphone Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global smartphone market size reached 1,417 Million Units in 2022. Looking forward, IMARC Group expects the market to reach 1,773 Million Units by 2028, exhibiting a growth rate (CAGR) of 3.6% during 2023-2028.

A smartphone is a portable electronic device that provides advanced functionality and connects to a cellular network and the internet. It comprises a central processing unit (CPU), graphics processing unit (GPU), long-term evolution (LTE) modem, video processor, and display processor. It is manufactured using silicon, aluminum, plastic, gold, copper, silver, lithium, and cobalt. A smartphone is widely used for messaging, calling, gaming, music, videos, online shopping, emailing, banking, reading news, and clicking pictures. It consists of a display, battery, memory, storage, modems, camera, sensors, lens, and processor. It assists in easy communication, portability, productivity applications, navigation, safety, online banking, and entertainment. In comparison to cellphones, smartphones consist of advanced features, operating systems, and virtual keyboards.

Smartphone Market Trends:
The increasing demand for wireless handheld devices across the globe is one of the key factors driving the growth of the market. Smartphones offer enhanced convenience, security, various calling features, and an easy access to the internet. In line with this, the shifting consumer preference toward smart devices that offer easy accessibility, advanced features, web surfing, endless apps, and instant online ordering is favoring the market growth. Moreover, various product innovations, such as the introduction of miniaturized cameras with high-resolution sensors, improved battery life and reliability, are providing an impetus to the market growth. Additionally, the increasing product demand among consumers to make contactless payments is positively impacting the market growth. Smartphones eliminate the need for card swiping and manual entry and aids in reducing human errors, facilitating a smoother checkout experience. Other factors, such as the growing working population, increasing internet penetration, and rising expenditure capacities of consumers, are creating a positive outlook for the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smartphone market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on operating system, display technology, RAM capacity, price range and distribution channel.

Breakup by Operating System:

Android
iOS
Others

Breakup by Display Technology:

LCD Technology
OLED Technology

Breakup by RAM Capacity:

Below 4GB
4GB - 8GB
Over 8GB

Breakup by Price Range:

Ultra-Low-End (Less Than $100)
Low-End ($100-<$200)
Mid-Range ($200-<$400)
Mid- to High-End ($400-<$600)
High-End ($600-<$800)
Premium ($800-<$1000) and Ultra-Premium ($1000 and Above)

Breakup by Distribution Channel:

OEMs
Online Stores
Retailers

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Apple Inc., HTC Corporation, Huawei Technologies Co. Ltd. (Huawei Investment & Holding Co. Ltd.), Lava International, Lenovo Group Limited, Nokia Corporation, Realme Chongqing Mobile Telecommunications Corp. Ltd. (BBK Electronics Corporation), Samsung Electronics Co. Ltd., Sony Corporation, TCL Technology, Xiaomi Corporation and ZTE Corporation.

Key Questions Answered in This Report

1. What was the size of the global smartphone market in 2022?
2. What is the expected growth rate of the global smartphone market during 2023-2028?
3. What are the key factors driving the global smartphone market?
4. What has been the impact of COVID-19 on the global smartphone market?
5. What is the breakup of the global smartphone market based on the operating system?
6. What is the breakup of the global smartphone market based on the display technology?
7. What are the key regions in the global smartphone market?
8. Who are the key players/companies in the global smartphone market?