Smartphone market size to grow by 226.17 million units by 2027

The smartphone market size is estimated to increase by 226.17 million units from 2022 to 2027, with a CAGR of 3.44%, according to a recent market study by Technavio.

The increasing adoption of premium smartphones in emerging countries drives market growth during the forecast period. The disposable income of consumers is rising and the household spending power is increasing in emerging countries, which, in turn, has increased the sales of smartphones in these countries.

Various consumers in emerging countries purchase premium consumer electronics products, including smartphones. Hence, such factors will drive the growth of the market during the forecast period.

The increasing online purchases of smartphones is an emerging trend in the smartphone market. Convenience, assortments, and special prices or discounts are some of the factors influencing the online sales of smartphones. Furthermore, major e-commerce vendors, such as Amazon, offer smartphones from multiple brands.

The ongoing trade wars will be a major challenge for the smartphone market growth during the forecast period. Smartphone vendors are investing a significant amount of money in international shipments to capture the global market. However, government interventions in various countries, such as a trade ban, can affect the global smartphone market.

For instance, the US and China are closely linked through the supply chain for electronic products, including smartphones. Such an increase in price can affect the sales of smartphone vendors and their market share.

The market is segmented by region APAC, Europe, North America, Middle East and Africa, and South America. An analysis of key leading countries has been included. APAC is estimated to account for 66% of the growth of the global market during the forecast period. The smartphone market in the region has grown significantly over the past few years. The major revenue-generating countries in the region include China, Japan, India, South Korea, and Indonesia. Additionally, rapid urbanization region has led to a rise in the disposable income of people, which has increased the purchasing power of smartphone customers. Hence, such factors boost the regional market growth during the forecast period. Technavio