New York, US, July 22, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Smartphone Market information by Type, by Input Device, by Operating System, by Distribution Channel – Forecast till 2027” the market set to grow from USD 520.3 billion in 2018 to USD 2297.8 Billion by 2025, at a CAGR of 16.4%.
A smartphone is a cellular phone that is fitted with a combination of integrated computer and other features like operating system and web browsing, which are not originally associated with its traditional counterpart. Rising mobile Internet use, high ownership of premium-design smartphones, and high disposable income in developing countries are some of the factors expected to drive the smartphone market during the forecast period. However, problems with data identity and data theft are expected to limit the market growth. Smartphones are powered by a mobile operating system, which provides the user with advanced computing capabilities. A smartphone can also act as a digital media player for music, allowing users to upload images and videos via a single interface.
Global vendors shipped a total of 310 million smartphone units during the first quarter of 2019, according to MRFR research. During the forecast period, major players such as Apple Inc., Samsung Electronics Co Ltd, and Xiaomi Corporation are expected to lead the smartphone market. Smartphone manufacturers are investing extensively in research and development to integrate emerging technology into new and updated models to distinguish their products from rivals.
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Dominant Key Players on Smartphone Market Covered Are:
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)
Panasonic Corporation (Japan)
Browse In-depth Market Research Report (111 Pages) on Smartphone Market:
Segmentation of Market covered in the research:
The global smartphone industry has been segmented into type, operating system, distribution channel, and input device.
By type, the global smartphone market has been segmented into media-centric smartphones, entry-level smartphones, and performance smartphones. The media-centric smartphone segment has been divided into music smartphones, navigation smartphones, gaming smartphones, and camera smartphones.
By operating system, the global smartphone market has been segmented into Android, iOS, and Windows.
By distribution channel, the global smartphone market has been segmented into OEM, retailer, and e-commerce.
By input devices, the global smartphone market has been segmented into touch screens and keypads.
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The geographical analysis of the global smartphone market has been conducted for North America, Europe, Asia Pacific, and the rest of the world.
Due to a large number of smartphone purchases, the involvement of global players, and the presence of telecom industries, Asia Pacific is projected to dominate the smartphone market during the forecast period.
North America held the second position in the smartphone market due to the adoption of emerging technologies and the existence of global players such as Apple Inc. and Google LLC.
Europe is expected to rise steadily. During the forecast period, major players can strengthen their global presence through mergers and acquisitions of local and regional players in order to expand their solution portfolio and expand into untapped geographies.
The improvement of the global economic scenario, coupled with ongoing technological developments in emerging economies like India, Brazil, South Africa, China, Argentina, and other developing countries, is expected to accelerate market growth, making it an ideal time for key vendors to broaden the market geographically and increase market share.
COVID-19 Impact on the Global Smartphone Market
The smartphone industry is one of the world’s fastest-growing industries. However, it experienced a significant drop in demand during the COVID-19 crisis. Smartphone manufacturers are experiencing production delays, largely as a result of government-enforced lockdowns intended to mitigate the risk of infection and disease transmission. As a result, the closure of retail outlets that play a critical role in boosting offline sales of smartphones across major contributing markets has had a significant effect on the industry. Furthermore, as a result of fragmented supply chains and increasing costs, the production and supply of vital components used in smartphone assembly have declined dramatically. Online distribution channels, on the other hand, have registered a rise in sales of more than 5% in India, owing primarily to hygiene practices implemented by e-commerce platforms during delivery. Offline revenues, on the other hand, are projected to experience a 20-30% decrease in demand this year as a result of the market’s total shutdown, rising inventory levels, and other economic impacts during the lockdown.
Smartphones have become an indispensable part of people’s daily lives. They are crucial in contact tracing and other proactive steps undertaken by the healthcare sector and government agencies during the current crisis. In addition, the growing use of AI in smartphone devices has increased product demand. In addition, smartphone manufacturers are introducing new practices to increase their manufacturing capacities following the COVID-19 pandemic, as well as increasing marketing measures such as maintaining smartphone stocks at nearby stores and showcasing them on official websites, among other items.
Impact of COVID-19 on the Smartphone Market:
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