Persistence Market Research delivers key
insights on the global smartphone market in a new report titled,
“Smartphone Market: Global Industry Analysis and Forecast,
2016–2024”. The global smartphone market is projected to register
a healthy CAGR of 7.9% in terms of value and 5.8% in terms of volume
during the forecast period 2016-2024. The report provides insightful
information on the global smartphone market pertaining to the value
chain, market trends, competitive landscape, market dynamics, and
market estimation and forecast for the projected eight-year period.
Rising disposable income increases the
probability of consumer spending on media, entertainment, and
networking and mobile communication; leading to higher potential
sales of consumer electronics such as smartphones, tablets, laptops,
and gaming consoles. The instances of smartphone adoption are very
high among the urban population as compared to the rural population –
and hence there is high demand for smartphones in developed regions
(where the urban to rural population ratio is higher than developing
regions). These factors have led to a sudden growth of the global
smartphone market over the last few years and this trend is likely to
continue in the coming eight years.
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The global smartphone market is expected
to witness substantial growth over the forecast period owing to
advancements in the electronic, telecommunication, and m-Commerce
industry as well as the increasing penetration of the Chinese
smartphone industry. Leading global smartphone manufacturers such as
Apple Inc., Samsung Electronics Co., Ltd., Huawei Technologies Co.,
Ltd., Lenovo Group Limited, and LG Electronics Inc. are making
strategic investments in the development and production of their own
application processor (AP) to differentiate their offerings and
maintain increased market share and margins. There is also a rising
trend of m-commerce particularly among the working population, and
this has increased the demand for smartphones with top-notch features
supporting m-commerce. Growing internet penetration, increasing
marketing activities by vendors, and rising subscription in social
media are some of the other key factors driving the growth of the
global smartphone market. In the tug of war over customer acquisition
and retention, brands are resorting to aggressive marketing and sales
strategies to woo the new generation of smartphone wielding young
professionals with attractive pricing, enhanced features, and
multiple user options.
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The global smartphone market is segmented
on the basis of Operating System (Android, iOS, Windows, Blackberry
Operating System, Other (Sailfish, Tizen, and Ubuntu)) and
Distribution Channel (OEM, Retailer, e-Commerce). On the basis of
operating system, the iOS segment is anticipated to account for US$
584.9 Bn by 2024, registering a substantially high CAGR of 9.1% over
the forecast period with a relatively high value share of 59.8%. The
Android segment is expected to follow closely with a value share of
47.6% and a CAGR of 6.7%. In terms of volume, the Android operating
system is estimated to account for the largest market share of 69.3%
in the global smartphone market by the end of 2016 and is expected to
increase to 70.0% by 2024. The Android segment is estimated to
account for 50.7% value share in 2016 while the iOS segment is
estimated to account for a revenue share of 46.2% in 2016. In terms
of value, the Android segment is likely to register a high CAGR
between 2016 and 2024 and this can be attributed to an increase in
the demand and supply of reasonably priced android smartphones. The
Blackberry Operating System segment is estimated to be valued at US$
7,563.1 Mn in 2016 while the Windows Operating System segment is
estimated to be valued at US$ 8,819.9 Mn in 2016.
On the basis of distribution channel, the
e-Commerce segment is expected to show a significantly high growth
rate of 9.3% followed by the OEM segment with a 7.9% growth rate by
the end of 2024. The e-Commerce segment is estimated to be valued at
US$ 175.3 Bn in 2016. The OEM segment is estimated to be valued at
US$ 221.2 Bn in 2016 while the Retailer segment is estimated to be
valued at US$ 218.1 Bn in 2016. As compared to the other segments,
the OEM segment is expected to exhibit a relatively high
attractiveness index over the forecast period. In terms of value, the
global smartphone market is likely to project a healthy incremental
opportunity during the forecast period.
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The report covers the global smartphone
market across seven key regions namely – North America, Latin
America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan
(APEJ), Japan, and the Middle East and Africa (MEA). On the basis of
region, APEJ is estimated to be the largest market for smartphones,
accounting for 33.7% value share of the global smartphone market in
2016. The APEJ region is projected to remain dominant throughout the
forecast period. There is a rapid growth of infrastructure and
economic development in several countries in the APEJ region and this
is expected to boost the growth of the smartphone market in this
region. An increasing inflow of low priced high-end electronic
components and products in APEJ is another key factor significantly
impacting the smartphone market in the region. MEA is projected to be
the fastest growing market over the forecast period, with a growth
rate of 13.3%. The MEA region has witnessed rapid urbanization over
the last few years and this has subsequently led to an increase in
the number of consumers willing to purchase high-end smartphones. A
rise in the disposable income and increasing demand for consumer
electronics has led to a growing adoption of smartphones in the MEA
region and this trend is expected to continue during the forecast
period.
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