Smartphone Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Smartphones Market is Set To Grow Due To Factors Like Increased Disposable Income, Improved Telecom Infrastructure, Affordable Handsets, and Frequent Product Launches. With the Highest Number of Mobile Phone Users, China, India, and the US Lead the Market. Key Players are Strategically Collaborating To Enhance Services and Maintain Competitiveness. Rising Consumer Interest in 5G Gadgets is Influencing Manufacturers To Include 5G Chips in Their Devices. The Market is Also Driven by Lower Prices, Improved Cellular Phone Design, and the Emergence of 4G and 5G Network Technologies.

Smartphone Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Smartphones Industry Overview

The smartphone market is highly consolidated, dominated by established players such as Samsung, Huawei, Apple, and Xiaomi. Most players launch new models with small technology changes such as battery power, camera configuration, and processor. Some of the recent developments are:

• January 2024: Apple Inc. announced the opening of a brand-new office in Bengaluru, India. Apple is a major beneficiary of the central government's Production Linked Incentive Scheme. The company reportedly churned out iPhones worth INR 1 lakh crore in 2023, the highest for any smartphone maker in India. Apple’s supply partner, Foxconn, recently got approval to invest USD 1 billion in its newest iPhone factory, which is coming up at Doddaballapura, near Bengaluru's Kempegowda International Airport.

• February 2023: Qualcomm Technologies Inc. and Samsung Electronics partnered to bring the fastest Snapdragon to the Galaxy S23 series globally. Qualcomm Technologies, Inc. announced that the latest flagship Galaxy S23 series is powered by a premium Snapdragon 8 Gen 2 Mobile Platform for Galaxy worldwide. The new Snapdragon 8 Gen 2 design accelerates performance by making it the fastest processor in its class and defining a new standard for connected computers. Both companies are committed to delivering the highest quality consumer experiences on flagship Galaxy devices, so they have launched the S23 series.

Smartphone Market Leaders

  1. Samsung Electronics

  2. Apple Inc.

  3. Huawei Technologies Co., Ltd.

  4. Xiaomi Corporation

  5. Vivo Communication Technology Co. Ltd

  6. *Disclaimer: Major Players sorted in no particular order
Smartphones Market Concentration