New York, March 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cellular Telephones Global Market Report 2022" - https://www.reportlinker.com/p06246542/?utm_source=GNW
; ZTE Corporation; Nokia; HTC Corporation; Others; Xiaomi; Gionee; LeEco/Coolpad; Micromax Informatics Ltd., and Ericsson.
The global cellular telephones market is expected to grow from $351.65 billion in 2021 to $395.05 billion in 2022 at a compound annual growth rate (CAGR) of 12.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $607.82 billion in 2026 at a CAGR of 11.4%.
The cellular telephones market consists of sales of cellular telephone and related services by entities for text messaging, voice calling and video calling. Cellular telephones also have advanced computing abilities such as wireless internet, third-party applications and mobile payment, solutions for information management such as documents, emails, and contacts, inbuilt GPS applications.
The main product types of cellular telephone are smartphone and feature phone.Smartphones are advanced cellular phones with more functions similar to computer such as touchscreen surface, internet access and operating system.
The cellular telephone are used by various age-groups such as 18 years old, 18-45 years old, 45-60 years old, above 60 years old and it is distributed through OEM, retailer and e-commerce.
Asia Pacific was the largest region in the cellular telephones market in 2021.Western Europe was the second largest region in the cellular telephones market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Increase in disposable income is driving the cellular telephone market.Cellular telephones have now become a necessity in every household owing to advantages such as connectivity, productivity applications, entertainment and education and with increasing disposable income, individuals are increasingly buying smartphones.
For instance, in 2019 the per capita net disposable income in India increased by 10% to INR 10,534 ($147.5). Moreover, companies are manufacturing cellular devices that are affordable to purchase. For instance, in October 2019, HTC announced plans to manufacture affordable smartphones that support 5G. Rise in disposable income coupled with affordability increased the purchasing power of the individuals and in turn propelled the market for cellular telephone.
Uncertainty about government stabilities and policies affect imports of the raw materials required for manufacturing cellular telephone, creating a negative impact on the market.Uncertainties about government policies brought about by cancellation of trade agreements cause companies to decrease their import volumes to keep expenditures at the levels of previous years or to increase prices of finished products due to increased costs.
For instance, the withdrawal of the USA from the Trans-Pacific Partnership (TPP) trade deal and the $250 billion tariffs on imported products from China by the US government affecting the consumers and households indirectly thereby, hindering the growth of the cellular telephone market.
Companies in the cellular telephone market are introducing technological advancements in processors that give the best customer experience.The smartphones are incorporated with 7nm (nanometer) processors that increase the speed of the device and have improved power efficiency and some are expected to support 5G technology as well.
For instance, in 2021, Samsung launched their Galaxy F62 smartphones with 7nm Exynos 9825 processors to provide fast performance and power efficiency to young Gen Z and millennial customers.
The countries covered in the cellular telephones market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06246542/?utm_source=GNW
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