The global smartphone industry size was valued at USD 457.18 billion in 2021 and is projected to grow from USD 484.81 billion in 2022 to USD 792.51 billion by 2029, exhibiting a CAGR of 7.3% during the forecast period.
Based on our analysis, the global market had exhibited a decline of -7.8% in 2020 as compared to 2019.
The global COVID-19 pandemic has been unprecedented and staggering, with smartphones experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.
A smartphone is a mobile handset that empowers advanced access to internet-based facilities and other digital functions. Platforms including, iOS, Android, Windows Phone and others, support a broad range of applications created by third-party originators. Factors such as the governmental support to develop telecom infrastructure, budget-centric product launch, growing 5G technology, Artificial Intelligence (AI) and other technologies and importantly, the increasing disposable income are contributing to the market growth.
Additionally, the Global System for Mobile Communications (GSMA) stated that the utilization of mobile phones specifically reduces travel for leisure and commuting.
By 2025, it could result in a doubling of the avoided emissions leveraged by mobile technologies seen in 2018. As a result, it boosted the manufacturing need and usage amongst the end-users. The GSMA also stated that there would be 75.0% smartphone adoption by 2022.
Moreover, the leading companies, such as Samsung, Apple, Inc., Sony Group corporation, Oppo and Vivo, among others, are constantly unveiling innovative mobile products with 5G technology, which in turn, is fueling the market growth.
For instance, in October 2021, Sony Group Corporation introduced ‘Xperia PRO-I product,’ which combines autofocus and advanced image processing, 4K 120p video recording, 1.0-type sensor and other features to offer an innovative experience to its end-users.