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 size was valued at USD 568.02 billion in 2019 and is poised to grow from USD 607.8 billion in 2023 to USD 978.2 billion by 2031, growing at a CAGR of 6.8% in the forecast period (2024-2031).

According to our research, the increased demand from emerging nations in the region, such as India and Indonesia, where smartphones are increasingly accessing rural regions as local governments push for digital and mobile economies, is likely to fuel demand for smartphones at entry-level price points. For example, the Government of India's Digital India initiative is a flagship program aiming largely at converting the country into a digitally enabled society. Furthermore, prominent manufacturers are always improving their goods in order to attract new clients and increase their Operating System range in order to enhance their market position in all key nations. Aside from that, rising public and private support for specialized research provide market participants with profitable options. Furthermore, the increasing number of Operating System approvals, current implant developments, and technical improvements are some of the other aspects expected to contribute to a positive market outlook. 'Samsung', 'Apple', 'Huawei', 'Xiaomi', 'Oppo', 'Vivo', 'OnePlus', 'Realme', 'Motorola', 'Nokia', 'LG', 'Google', 'Sony', 'HTC', 'Lenovo', 'ZTE', 'Asus', 'Blackberry', 'Panasonic', 'Sharp'

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.

Xiaomi, which just surpassed Samsung to grab the lead in Indian smartphone shipments, claims to currently have seven production sites in the nation. Xiaomi India says that 99% of the phones it sells in the nation are manufactured in the country. In addition, the business has began selling gadgets to Bangladesh and Nepal, albeit in small quantities.

In 2022, the Asia Pacific region will hold more than 40% of the Smartphones Market. China and India are the most popular locations for technology enterprises. Rising disposable income and a growing population in this region are important factors driving Smartphones Market expansion. People in Asia Pacific are increasingly embracing new technologies and services, which is expected to increase smartphone demand in the near future. The North American and European regions are predicted to expand at a CAGR of more than 3% over the projection period, while shipping is expected to fall. This is attributable to the level of smartphone maturity in certain locations.