Smartphones Market Size, Share, Growth Analysis, By Operating System(Android Smartphones, IOS Smartphones, Others), By Sales Channel(Online/e-Commerce, Offline), By Price(High Range, Medium Range, Low Range), By Region - Industry Forecast 2024-2031

Smartphones Market Driver

Smartphones with 5G capabilities will drive the majority of market growth in the future.

• The rollout of 4G LTE technology and 5G services in various emerging nations is predicted to boost smartphone sales income. Several smartphone makers are focusing on the release of 5G devices in order to meet the growing demand for 4G-enabled smartphones and 5G-enabled smartphones among tech-savvy customers. Increasing demand for 5G smartphones is predicted to lower the pricing of 4G devices, resulting in increased sales volume. As the urban population adopts cell phones at a far higher rate than the rural population, there is a huge demand for smartphones in developed regions.

Smartphones in the low to medium price range are in high demand in India.

• After China, India has the highest smartphone consumption in the APAC region. Over the anticipated period, the India smartphone market is expected to grow at a high CAGR of over 9%. Fast communications infrastructure and economic development in numerous places in India have contributed significantly to the country's rapid expansion. Other factors, such as the rising entry of low-cost and high-end electronic components and goods into the Indian market, are projected to drive smartphone demand growth. Smartphone sales in India are expected to expand 2.5X in value over the next 10 years.

Smartphones Market Restraint

Shortages of semiconductors and mobile chips

• Since the second half of 2020, various sectors have been afflicted by semiconductor and mobile chip shortages. However, since late 2021, demand-supply gaps have been narrowing, indicating that supply constraint in the larger ecosystem is coming to an end. Despite ongoing pandemic-related issues, India's smartphone industry is expected to grow by 7% in 2021, according to IDC. However, India's entire mobile handset market fell 16% year on year in the first quarter of 2022. The feature phone market fell 39% year on year.