March 31, 2020

Smartphone Market To Witness Immense CAGR Through 2019 To 2027

The overall smartphone market recorded a market value of $260.60 billion in 2018 and is expected to grow by 8.30 per cent over the forecast period.

Individuals’ increasing disposable income is one of the major driving factors in the market. Developing new variant telephones with higher frequencies and the advance feature contribute to market growth. In addition, the smartphone market is also driven by increasing annual smartphone subscribers. Similarly, digitalization has allowed the individuals to compare the smartphone features, prices, offers, storge capabilities and others on a single platform irrespective of their locations, which has also contributed to driving the market.

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Smartphones are becoming an important part of retail sales, as they are an ever-increasing part of the lives of consumers. As well as attracting end-users with special discounts on smartphones, e-commerce portals such as Amazon have created an online buying culture. The online sales of smartphones have also been driven by the holiday shopping culture across regions. However, in regions like India, where smartphone sales do not seem to slow down, smartphone companies including Xiaomi, Samsung, Vivo & Oppo are aggressively expanding their offline stores to leverage market opportunities in the Indian smartphone market. In addition, the share might be lost in other categories such as fashion and fast-moving consumer goods (FMCG), home products, among others, in regions with high penetration of smartphones. This reflects the growing share of e-commerce and the changing attitude of consumers towards online purchasing.

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The smartphone market was segmented as OEMs, retail, and e-commerce based on the distribution channel. Due to the ease of purchasing and featured offers, the e-commerce segment is expected to be the fastest-growing segment during the forecast period. Websites for e-commerce also offer various smartphone-based offers to increase sales. In addition, due to growing digitalization, individuals are rapidly embracing the e-commerce channel to purchase smartphones leading to an increase in smartphone sales overall. On a single website, e-commerce enables users to surf different smartphones.

North America was second in the smartphone market in 2018 and was projected to grow during the forecast period with a significant market CAGR due to the development of new technologies and features in the region’s smartphones. In addition, the presence of various companies such as Motorola, Apple Inc. and others that invest heavily in the development of new smartphone technology also contributes to market growth. Increasing digitalization and increasing smartphone adoption to perform various tasks such as internet surfing, social media operation with smartphones, online transactions and others are some of the key factors that contribute to market growth.

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