Smartphone Market Worth USD 792.51 Billion in 2029 | 7.3% CAGR

According to Fortune Business Insights the global smartphone market size is projected to reach USD 792.51 billion in 2029, at CAGR of 7.3% during forecast period, 2022-2029


Pune, India, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The smartphone market size is expected to rise from USD 484.81 billion in 2022 to USD 792.51 billion by 2029 at a 7.3% CAGR during the forecast period. Fortune Business Insights™ has published these inputs in its latest research report titled, smartphone market Forecast, 2022-2029.” As per the report, size at USD 457.18 billion in 2021.

The global smartphone market is expected to achievement significant demand owing to the growing demand for mobile internet services and applications along with real-time need for information exchange. The penetration of 5G network and AI will encourage leading companies to invest in the telecom sector. With a shift towards cloud storage, high-speed network and content subscription, major players could boost their portfolios across developed and developing economies.


August 2021: Samsung introduced the ‘Galaxy Z Flip3 5G’ and ‘Galaxy Z Fold3 5G’, the innovative foldable mobile phone. With iconic design, both the devices are built with flagship innovation, offering a unique user experience to work, play and watch.

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Report Scope & Segmentation

Report Coverage Details
Forecast Period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 7.3%
2029 Value Projection USD 792.51 Billion
Base Year 2021
Smartphone Market Size in 2021 USD 457.18 Billion
Historical Data for 2018 to 2020
No. of Pages 150
Segments covered Operating System, Distribution Channel and Geography
Smartphone Market Growth Drivers Increasing Adoption of Human-System Interaction to Bolster the Market Growth
Shift in Trade Activities coupled with Semiconductor Components Shortage to impede Market Growth

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

Click here to get the short-term and long-term impact of COVID-19 on this Market:

Market Growth Drivers:

Trend for Digitization to Drive Innovation

Stakeholders anticipate the expansion of connectivity solutions to foster smartphone market growth during the forecast period. The trend for mobile phone connectivity has become pronounced across healthcare devices, fleet management operations, automobiles, infrastructure security systems and smart metering. Besides, governments and other stakeholders are likely to inject funds into digitization, prompting smartphone manufacturers to bolster their portfolios. Notably, in April 2021, Apple, Inc. announced an investment of around USD 430.00 billion to bolster 5G technology and silicon engineering in the U.S to underpin American innovation strategies for the next 5-years.

Smartphone Market Segments Analysis

Based on the operating system, the market is segmented into iOS, android, windows and others.

In terms of the distribution channel, the industry is segregated into e-commerce, retailer and OEMs stores.

On the basis of region, the market is segmented into Asia Pacific, North America, Europe, South America and the Middle East and Africa.

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Smartphone Market Regional Insights:

Expanding Telecom Sector to Foster Asia Pacific Market

Leading companies anticipate China, India and Australia to provide promising growth opportunities in the telecom sector. Bullish investments in the smartphone will remain a catalyst in driving the penetration of IoT and 5G. Leading companies are likely to launch innovative products in the ensuing period. In January 2022, Vivo Mobile Communication Co., Ltd rolled out ‘V23 and V23 Pro’ in India and termed India’s 1st color-changing smartphone.

North America smartphone market share will garner a substantial uptick in the wake of presence of leading companies across the U.S. and Canada. To illustrate, in November 2021, Huawei Device Co., Ltd. asserted that it was contemplating releasing mobile handsets across Canada to offer better customer services. It is worth noting that the rising footfall of the e-commerce sector will remain instrumental in fostering product adoption.

Industry participants envisage Europe as a happy hunting ground owing to the investments in the automotive and telecom sectors. Specifically, in July 2020, SAMSUNG joined hands with the German Federal Office for Information Security (BSI), Bundesdruckerei (bdr) and Deutsche Telekom Security GmbH to develop a hardware-based security architecture. Bullish strategies are likely to be pronounced with major companies likely to prioritize technological advancements.

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Key companies profiled in the market are:

  • Apple Inc.
  • Oppo
  • Huawei Device Co., Ltd.
  • OnePlus
  • Sony Group Corporation
  • Xiaomi
  • HTC Corporation
  • Google LLC
  • ZTE Corporation

Table of Content:

Global Smartphone Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029

  • Key Findings
  • By Operation System (USD)
    • Android
    • iOS
    • Windows
    • Others (Linux and Others)
  • By Distribution Channel (USD)
    • OEM
    • Retailer
    • E-commerce
  • By Region (USD)
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America

North America Smartphone Market Size Estimates and Forecasts, By Segments, 2018-2029

  • Key Findings
  • By Operation System (USD)
    • Android
    • iOS
    • Windows
    • Others (Linux and Others)
  • By Distribution Channel (USD)
    • OEM
    • Retailer
    • E-commerce
  • By Country (USD)
    • U.S.
      • By Distribution Channel
    • Canada
      • By Distribution Channel
    • Mexico
      • By Distribution Channel

Europe Smartphone Market Size Estimates and Forecasts, By Segments, 2018-2029

  • Key Findings
  • By Operation System (USD)
    • Android
    • iOS
    • Windows
    • Others (Linux and Others)
  • By Distribution Channel (USD)
    • OEM
    • Retailer
    • E-commerce
  • By Country (USD)
    • U.K.
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Benelux
    • Nordics
    • Rest of Europe

TOC Continued…

How much was the global Smartphone Market worth in 2021?

Fortune Business Insights market stood at USD 457.18 billion in 2021.

Which region is expected to hold the highest market share?

Asia Pacific Smartphone Market to be worth USD 197.15 Billion in 2021

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