The increasing internet penetration, rising digitization, escalating demand for multimedia and gaming are some of the major factors propelling the market.

BROOKLYN, NY, UNITED STATES, December 13, 2023 /EINPresswire.com/ — According to the latest report by IMARC Group, titled “Smartphone Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on smartphone market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global smartphone market size reached 1,417 Million Units in 2022. Looking forward, IMARC Group expects the market to reach 1,773 Million Units by 2028, exhibiting a growth rate (CAGR) of 3.6% during 2023-2028.

Factors Affecting the Growth of the Smartphone Industry:

• Continuous Technological Advancements:
The rapid pace of technological innovation majorly drives the market. This includes advancements in processor speeds, camera quality, battery life, and display technology. The integration of artificial intelligence and machine learning has also enhanced the user experience, leading to more personalized and efficient devices. Additionally, the development of 5G technology is set to revolutionize the market, offering faster internet speeds and improved connectivity. These technological improvements not only enhance the functionality of smartphones but also stimulate consumer demand, as users seek the latest features and capabilities.

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• Increasing Internet Penetration:
The expansion of internet accessibility worldwide is influencing the smartphone market. As internet penetration deepens in emerging economies, there is a growing demand for smartphones as primary devices for internet access. This is particularly evident in regions such as Asia-Pacific, Africa, and Latin America, where a large portion of the population is getting online for the first time via mobile devices. Smartphones have become essential tools for activities such as online banking, social media, e-commerce, and accessing information services, fueling their adoption across diverse demographic segments.

• Changing Consumer Preferences and Lifestyle:
The global smartphone market is also shaped by evolving consumer preferences and lifestyles. Smartphones are increasingly seen as essential lifestyle devices, integral to daily activities such as communication, entertainment, work, and health monitoring. The trend towards larger screen sizes, high-quality cameras, and the integration of health and fitness applications reflect these changing preferences. Moreover, the shift towards remote work and online education, accelerated by the COVID-19 pandemic, is increasing reliance on smartphones for productivity and connectivity. This behavioral shift is influencing smartphone usage patterns and market demand.

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Smartphone Market Report Segmentation:

Breakup by Operating System:

• Android
• iOS
• Others

Android dominated the market due to its open-source nature, enabling a wide range of manufacturers to adopt and customize it for diverse consumer segments across various price points.

Breakup by Display Technology:

• LCD Technology
• OLED Technology

LCD technology accounted for the largest segment in display technology due to its cost-effectiveness and widespread availability, making it a preferred choice for manufacturers, especially in budget and mid-range smartphones.

Breakup by RAM Capacity:

• Below 4GB
• 4GB – 8GB
• Over 8GB

On the basis of RAM capacity, the market has been divided into below 4 GB, 4 GB – 8 GB, and over 8 GB.

Breakup by Price Range:

• Ultra-Low-End (Less Than $100)
• Low-End ($100-<$200)
• Mid-Range ($200-<$400)
• Mid- to High-End ($400-<$600)
• High-End ($600-<$800)
• Premium ($800-<$1000) and Ultra-Premium ($1000 and Above)

On the basis of price range, the market has been divided into ultra-low-end (less than $100), low-end ($100-<$200), mid-range ($200-<$400), mid- to high-end ($400-<$600), high-end ($600-<$800) and premium ($800-<$1000) and ultra-premium ($1000 and above).

Breakup by Distribution Channel:

• OEMs
• Online Stores
• Retailers

On the basis of distribution channel, the market has been divided into OEMs, online stores, and retailers.

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Asia Pacific’s dominance in the global smartphone market can be attributed to its vast population, growing middle class, increasing internet penetration, and the presence of key smartphone manufacturing hubs and markets, particularly in countries such as China and India.

Global Smartphone Market Trends:

Consumers are becoming more environmentally conscious, driving demand for eco-friendly smartphones made with recyclable materials and designed for longevity. This trend is leading manufacturers to focus on sustainability in their production processes and product lifecycles.
Additionally, there is a growing interest in mid-range smartphones offering a balance between price and performance, particularly in developing markets. The rise of mobile gaming is another significant trend, with smartphones being designed with enhanced graphics and processing capabilities to cater to this segment.

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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