Global Smartphones Market to Generate Revenue of $789.5 Billion by 2028 | Apple and Samsung Tops the Chart with Over 44% Market Share

Global smartphones market was valued at USD 508.1 billion in 2021 and it is expected to reach a value of USD 789.5 billion by 2028, at a CAGR of 6.7% over the forecast period (2022-2028).

Westford, USA, Oct. 31, 2022 (GLOBE NEWSWIRE) -- There has been a meteoric increase in the demand for smartphones market over the past few years. Global smartphone sales will grow from 969.3 million units in 2013 to 1.43 billion units by 2021. This growth is attributable to a number of factors, including increased usage of smartphones as mobile devices and extension of their use beyond traditional voice and text communication services. In addition, there is increasing interest in smartphone features that can be used for activities other than communication, such as navigation and entertainment.

There are many different types of smartphones available on the global smartphones market. They include basic models that cost less than $200, mid-range models that cost between $200 and $600, and high-end models that cost more than $600. There are also a variety of options when it comes to features, such as color screens, camera lenses, and storage capacity. As smartphones become more popular, manufacturers are creating new models that offer even more features and benefits.

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We see continued strong demand for smartphones in developed markets such as the US and Western Europe, as well as in emerging markets such as China and India. However, we see a slowdown in demand in the mature markets of Europe and North America over the next few years. This is due to saturation of the market, combined with stiff competition from key rivals such as Apple and Samsung.

Growth will be strongest in developing countries where smartphones are still relatively expensive compared to other forms of technology.

SkyQuest’s analysis of the smartphones market points to a number of key trends. Firstly, consumers are continuing to replace their feature phones with smartphones. In 2021, 83.3% of the global population owned a smartphone, up from 51% in 2018. This increase is likely due to the increasing availability and affordability of smartphones. Secondly, value for money is still a key consideration for smartphone buyers. Almost two-thirds (64%) of smartphone buyers priorities price over features when making their purchase decision. This indicates that many consumers are willing to compromise on features in order to get a more affordable phone. Finally, we forecast that the market share of smartphone manufacturers will continue to grow until 2028 and beyond.

The popularity of smartphones market has led to an increase in sales for wireless carriers and phone manufacturers. Wireless carriers have benefitted from the increased demand for phones by charging higher prices for service plans and by generating more revenue from selling adverts on mobile devices. Phone manufacturers have also benefited from increased sales due to the increased demand for their products.

One of the key factors driving the growth of the smartphones market is the increasing popularity of mobile apps. These apps allow users to access a wealth of information and entertainment options from anywhere in the world. Mobile app use has also increased due to the growing trend of social media usage. The number of people using mobile apps has increased significantly over the past few years, and this trend is expected to continue into 2028.

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Top 5 Players Generates 79% Revenue of Global Smartphones market, Apple and Samsung Tops the Chart with Over 44% Market Share

Currently, there are five major players in the smartphones market: Apple, Samsung, Oppo, Xiaomi, and Vivo. In fact, these 5 players held around 79% market share. Apple is the largest smartphone manufacturers in the world. The company commands a market share of over 24%. This dominance has made Apple one of the most valuable companies in the world.

However, this supremacy has come at a cost. Apple products are often expensive, and they do not always have the best features. For example, some Android smartphones offer better performance and more features than Apple products. Despite these problems, Apple remains one of the most popular smartphone brands. This popularity is likely due to its iconic products and strong brand recognition. In addition, Apple continues to invest in its product line, making sure that its latest phones are both innovative and user-friendly.

However, Apple’s dominance in the global smartphones market may be challenged in the future by two fast-growing players – Samsung and Xiaomi. Samsung is currently the second-largest smartphone manufacturer in the world with a market share of around 20%. Xiaomi is the fourth-largest player with a market share of around 13%.

SkyQuest predicts that this market share of Samsung will grow to at an attractive rate by 2028 due to its aggressive expansion into new markets such as India and China.

The increasing popularity of smartphones has created opportunities for companies in the global smartphones market that are able to provide innovative mobile products and services. For example, Samsung Electronics recently announced that it will launch its own virtual reality platform for smartphones later this year. This platform will allow users to experience various virtual reality scenarios without having to purchase a separate VR device. Additionally, Samsung is also developing new software that will allow users to watch live streams and video content on their smartphones without having to download any additional applications. This increased demand for smartphones is likely to continue into the future, as more people begin using them for activities other than just communicating with friends and family members. Consequently, companies that are able to provide innovative mobile products and services stand to benefit greatly from this trend.

Introduction of 5G to Boost Smartphone Demand in the Years to Come

The demand for 5G smartphones market is expected to grow, according to a report by SkyQuest. The consulting firm said that the market for 5G smartphones will be worth over $747 billion by 2028. This is based on an increased demand from businesses and consumers for devices that can take advantage of the upcoming wireless technology.

While there are still some limitations with 5G deployment, companies are starting to invest in the technology in order to stay ahead of the curve. We predict that tablets, laptops, and phones will all be using 5G networks by 2028. This rapid adoption is thanks in part to the fact that 5G signals are much faster than 4G LTE ones. The report also said that 4G LTE is no longer sufficient for many applications and businesses now need 5G smartphones in order to stay competitive.

SkyQuest said that businesses in the smartphones market will increasingly require features like ultra-short latency, massive scale deployment, and low-latency sensing. Despite these improvements, there are still some limitations with 5G deployment due to its infancy. For example, there are currently few devices available that can access 5G networks reliably, especially in India.

Demand is expected to be strongest in Asia Pacific, Latin America and the Middle East smartphones market. The growth of 5G technology will require a new Supplier Chain Management (SCM) model from telecom providers, device manufacturers, and software providers. This will require cooperation between all parties in order to address key challenges such as edge computing, mass production of large-screen devices, and interoperability issues between wireless technologies.

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Key Players in the Global Smartphones market

  • Apple
  • Samsung
  • Google
  • Sony
  • Huawei
  • Motorola
  • Nokia
  • Xiaomi
  • Vivo
  • Oppo
  • LG
  • HTC
  • OnePlus
  • Asus

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