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).

The worldwide smartphone market is predicted to increase significantly in the future years as a result of the growing trend of e-Commerce and m-Commerce, particularly among the working population. Growing Internet penetration, increased marketing efforts by smartphone suppliers, and expanding social media subscriptions are among the primary reasons driving worldwide smartphone sales. The economic slump caused by the COVID-19 epidemic increased demand for low-cost cell phones. However, increased disposable income will enhance the likelihood of consumer spending on media, entertainment, networking, and mobile communication in the coming years, resulting in larger potential sales of consumer electronics such as smartphones, tablets, laptops, and gaming consoles.

The use of Artificial Intelligence (AI) technology in many mobile phones has increased demand for smartphones. Major industry players such as Apple, Samsung, and Huawei are launching strong smartphone AI processors that consume far less power to execute more jobs and conduct up to 5 trillion operations per second.

US Smartphones Market is poised to grow at a sustainable CAGR for the next forecast year.