Smartphone Market size to grow by 226.17 mn units from 2022 to 2027

• 23 Jun 2023
• TM Team
• 0 Comments

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. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. 

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak. The Bargaining Power of Buyers & Suppliers and the Threat of New Entrants, Rivalry, and Substitutes have also been analyzed and rated between LOW-HIGH to provide a holistic view of market favorability.

• One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage. 
• Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
• Furthermore, market adoption rates for all regions have been covered.

The smartphone market report also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 vendors listed Below -

Acer Inc., Alphabet Inc., Apple Inc., ASUSTeK Computer Inc., Guangdong OPPO Mobile Telecommunications Corp. Ltd., Honor Device Co. Ltd., HTC Corp., Kyocera Corp., Lava International Ltd., Lenovo Group Ltd., LG Corp., Micromax Informatics Ltd., Nokia Corp., Samsung Electronics Co. Ltd., Shenzhen Transsion Holdings Co. Ltd., Sony Group Corp., TCL Electronics Holdings Ltd., Xiaomi Communications Co. Ltd., ZTE Corp., and Huawei Technologies Co. Ltd. 

This report extensively covers market segmentation by price range (between USD 150-USD 800, less than USD 150, and greater than USD 800), technology (Android, iOS, and others), screen size (between 5-6 inches, greater than 6 inches, and less than 5 inches), and geography (APAC, Europe, North America, Middle East and Africa, and South America). 

• The market share growth by the between  USD 150 - USD 800 segment will be significant during the forecast period. The segment covers mid-range smartphones and vendors of such smartphones provide customers with various necessary features at a reasonable price range. Generally, smartphone vendors have introduced features such as dual cameras, AI, Internet access, virtual reality, and gaming in mid-range smartphones. For example, in December 2022, Xiaomi Corporation announced the launch of a new smartphone Redmi K60 Pro priced at USD 569. Hence, such factors boost the segment growth during the forecast period.