Smartphone Market to Surpass US$ 1,615.6 Billion at a CAGR of 7.3% by 2034: Fact.MR Report

Rockville, Jan. 08, 2024 (GLOBE NEWSWIRE) -- As per a new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global Smartphone Market is estimated to be US$ 802.1 billion in 2024 and is projected to grow at a 7.30% CAGR through 2034. The market is projected to surpass a valuation of US$ 1,615.6 billion by 2034.

More than half of the global population owns a smartphone and this number is very likely to increase in the coming few years. Smartphones are not being perceived as mere communication devices but as a sign of prestige and sophistication, which has exponentially expanded the market all over the world.

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Key Segments of Smartphone Industry Research Report

Smartphones, in today’s day and age, have become one of the essential components of an individual’s life. Their demand in the general population has broken the ceilings in the past few years due to their multifunctional capabilities, seamless connectivity, and the integration of advanced technologies. The rising mobile internet penetration in the underdeveloped parts of the world is also one of the significant drivers in this market.

Ongoing innovations in the electronics industry and the emergence of new functionalities in smartphones are also causing this market to grow. Companies in the market have to constantly bring new features, improve processing speeds, and screen resolutions to sustain in this cut-throat competition. Besides this, the growing gaming culture in countries like India, Japan, China, etc., is also fueling the demand for smartphones not just in these regions but all over the world.

“Innovation and differentiation are some of the most crucial aspects in the evolving smartphone market. Companies must invest in continuous innovation and develop new functionalities, design aesthetics, and user experiences to stay competitive in the market," says a Fact.MR analyst.

Key Takeaways from the Market Study

• The global smartphone market is projected to expand at a CAGR of 7.30% over the forecast period.
• The North American smartphone market is expected to grow at a CAGR of 7.50% from 2024 to 2034.

• The United States holds a dominant share of 69.1% of the smartphone market in the North American region.
• China dominates the smartphone market in the East Asian region with a market valuation of US$ 156.4 million in 2024.

• The smartphone industry in the United States is expected to rise at a CAGR of 7.60% from 2024 to 2034.

• Based on the sales channel, the online/eCommerce segment is expected to hold a 63.10% market share in 2024.
• The segment of iOS smartphones dominates the market with a 31.40% share in 2024, based on operating systems.

Competitive Landscape

The global smartphone market is characterized by the presence of international brands, such as Apple, Xiaomi, Samsung, Oppo, Vivo, Nokia, etc. These companies have pioneered the smartphone technology. Over the period, they have also gained the trust of consumers all over the world. These companies invest billions of dollars in the research and development of new technologies that enhance user experience. There is a presence of smaller companies, too, in the smartphone market. These companies cater to the demands of regional consumers by curating affordable phones with premium features.

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Diverse Sales Channels and Dominance of Android in Smartphone Market

In terms of sales channels, the online sales segment is poised to command an estimated 63.10% market share in 2024, while physical retail stores are anticipated to maintain a substantial 36.9% share, contributing to the market's overall diversity and stability. In the realm of operating systems, the Android segment is set to dominate the smartphone industry, securing a significant 25.70% market share in 2024.

The eCommerce sector has experienced remarkable growth in recent years, extending its influence not only in developed nations but also in developing and underdeveloped countries. This surge has notably impacted the smartphone market, with consumers increasingly favoring online platforms to explore a vast array of options and make smartphone purchases tailored to their preferences. The attractiveness of these platforms is further enhanced by the regular introduction of enticing offers and discounts.

Key to the growing preference for online platforms is the convenience they provide, emerging as a primary factor in consumers' decision-making process compared to traditional retail shops. Online platforms offer the added advantage of accessing comprehensive reviews and ratings, facilitating informed decision-making for potential buyers. The ease of purchasing smartphones with just a few clicks and having them delivered directly to their doorsteps further contributes to the growing trend of consumers opting for online channels.

Checkout More Related Studies Published by Fact.MR Research:

Smartphone LiDAR Market: The global smartphone LiDAR market has reached a valuation of US$ 1.63 billion in 2022 and is expected to race ahead at a CAGR of 17.8% to reach US$ 6.05 billion by the end of 2030.

Portable Bluetooth Speaker Market: The global portable bluetooth speaker market is estimated to be valued at US$ 7,521.6 million in 2024. The market is anticipated to reach US$ 20,521 million by 2034, with a projected CAGR of 10.6% from 2024 to 2034.

Mobile Value Added Service Market: The global mobile value added service market size is estimated to be US$ 880.4 million in 2024, and it is anticipated to reach US$ 3,522.6 million by 2034, growing at a CAGR of 14.9% over the forecast period.

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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