Smartphone Market Key Players, Share, Future Perspective till 2027

Market Analysis 

The global smartphone market will touch USD 2297.8 billion at a favorable 16.4% CAGR by 2025, states the latest Market Research Future (MRFR) report.

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Opportunities 

Growing Use of Smartphones by Young Population to offer Robust Opportunities 

The growing use of smartphones by the young population will offer robust opportunities for the market over the forecast period. Youngsters are using smartphones to stay connected, click pictures, browse the internet, use social media, and others in just a few clicks. 

COVID-19 Analysis 

The COVID-19 outbreak has disrupted the supply and demand balance in the Smartphone Market Trends severely. As the global manufacturing center for most of these components and devices rests in China, and due to the nationwide lockdown, the smartphone manufacturing sector has been hit adversely by delayed shipments as well as weakened development of next-generation products. Besides, the country experienced being choked off from suppliers, logistics networks, and suppliers. Also, the demand for smartphones from consumers particularly premium segment has witnessed a fall owing to the tendency of customers in cutting down luxury spending and focusing on essentials during the outbreak. 

Regional Analysis 

APAC to Spearhead Smartphone Market 

The APAC region will spearhead the smartphone market over the forecast period. Increasing per capita income, the presence of huge population with rising disposable income, growing interest of people to use new services and technologies, major companies in India like Airtel and Jio slowly adding to the adoption of smartphones and also an increase in demand for smartphones by offering data at the lowest cost possible, and rapid industrialization in China and India are adding to the global smartphone market growth in the forecast period. Besides, increasing need from the developing countries like Indonesia and India where smartphones are risingly penetrating into the rural areas as the local governments are pushing for mobile and digital economy, the start of Digital India program- a flagship program by the Government of India to transform the country into a digitally empowered society, large customer base, highly developing telecom sector, increasing investments in the mobile network, and South Korea, Singapore, Australia, Japan, and India increasingly investing towards the development of the domestic telecom market are also adding market growth. 

Key Players 

Eminent industry players profiled in the global smartphone market report include Samsung Electronics Co. Ltd (South Korea), Apple Inc. (US), Google LLC (US), Xiaomi Corporation (China), Lenovo Group Limited (China), OnePlus Technology Co., Ltd (China), Microsoft Corporation (US),Nokia Corporation (Finland), Huawei Technologies Co. Ltd (China), Guangdong OPPO Mobile Telecommunications Corp., Ltd (China), Vivo Communication Technology Co. Ltd (China), HTC Corporation (Taiwan), Sony Corporation (Japan), ZTE Corporation (China), LG Electronics Inc. (South Korea), and Panasonic Corporation (Japan) among others.

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