Smartphone Market To Reach US$ 1,503,280.1 Mn By 2026 – Transparency Market Research

According to a new market research report published by Transparency Market Research entitled “Smartphone Market[(Operating System – (Android, iOS, Windows),Distribution Channel {Online, Offline (Single Brand Store, Multi-Brand Store), Price Range (Below US$ 100, US$ 100-200,US$ 200-500,US$ 500 and above), Size (below 4.0″, 4.0″ – 5.0″, Up to 6.0″ ),RAM Size (Below 2GB,2GB-4GB,upto 8GB)]- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,” the global smartphone market is expected to reach US$ 1,503,280.1 Mn by 2026. In terms of volume, the global smartphone market is expected to reach 3,280.6 million units by 2026.

The market value is anticipated to expand at a CAGR of 19.0% during the period from 2018 to 2026. The market is expected to grow mainly due to opportunity of smartphone penetration in developing countries in the region of Asia Pacific, South America, and Middle East & Africa. Irrespective of the growth of smartphone sales around the globe, certain countries witnessed decline in smartphone shipment largely due to market maturity.

Geographically, the global smartphone market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific dominates the smartphone market with a share of more than 45% in 2017, followed by North America with approximately 26% share. The dominating share in Asia Pacific is primarily due to tremendous growth in the adoption of smartphones among both millennial and older population. In Asia Pacific, key countries contributing to the smartphone growth are Australia, China, India, and South Korea. These countries have an active base of smartphone users across all age groups. Moreover, due to healthy per capita income of citizens of these countries, the attraction toward high-end smartphones is increasing. This in turn is pushing the revenue size of the market.

In 2017, North America was evaluated as a mature market for smartphones. In North America, countries such as the U.S. and Canada witnessed decline in smartphone shipment in 2017 from the previous year. People in these countries were holding smartphones (smartphone lifecycle) for longer duration than they used to 3-4 years back. Moreover, repair and refurbishing services are steadily gaining importance in these countries. All this has in turn led to decline in smartphone shipment for the year 2017.

In Europe, the key countries contributing to the growth of the smartphone market (both in terms of value and volume) are Germany, France, and Italy. Despite the growth, some countries in Europe have also witnessed a declining trend in smartphone shipment from 2016 to 2017. The reasons are similar to that of North America. In fact, it is a global trend, which is impacting the smartphone shipment.

Globally, smartphones are segmented based on operating system, RAM size, distribution channel, price range, and size. In terms of operating system, the market is segmented into Android, iOS, and Windows. Android based smartphones accounted for 55% share in the market in terms of revenue. Based on volume, Android based smartphones accounted for 74% share. Android based smartphones are extremely popular in Asia Pacific and Europe. Moreover, since this OS is user-friendly and comes in various price ranges, its popularity is fairly strong. Windows accounted for a rather low share in the market and the share is expected to remain low during the forecast period. Other operating systems such as Symbian and Blackberry have lost their share in the smartphone market.

On the basis of distribution channel, the market is segmented into online channel and offline channel. The offline channel is further bifurcated into single store and multi-store. The online distribution channel is expected to gain popularity in the coming years. However, as of now, the distribution channel is dominated by offline mode. In the offline mode, the multi-store structure is quite popular. Since multi-brand stores offer various attractive discounts and are easily accessible, people tend to buy smartphones from such stores.

Based on price range, the market is bifurcated as below US$ 100, US$ 100-200, US$ 200-500, and US$ 500 and above. Majority of smartphone buyers’ fall in the price range of US$ 100-500. Smartphone manufacturers are also launching phones in this range, thereby increasing the number of buyers of smartphones in this price range.

Based on RAM size, the market is bifurcated into below 2GB, 2GB-4GB, and up to 8GB. Currently, there are few vendors who manufacture phones above 5 GB RAM size. However, demand for larger RAM size will increase in the coming years, with smartphones becoming the key data storage unit.

Some of the major players in the global smartphone market are Apple, Inc., OPPO Co Ltd., Panasonic Corporation, Samsung Electronics Co., Ltd., LG Electronics Inc., Nokia Corporation, Sony Corporation, HTC Corporation, Xiaomi Corporation, One Plus Corporation, Huawei Technologies Co Ltd., Motorola Solutions, Inc., Google, Inc., Microsoft Corporation, and Lenovo Group Limited. – PR Newswire