smartphone market

Smartphone market is expected to increase revenue from US$507.5 billion in 2022 to US$982.8 billion in 2031

smartphone market

smartphone market

The smartphone market is segmented by Mobile Vendor, Android, iOS, Windows, and Blackberry

NEW YORK, NY, US, Nov. 25, 2022 / – Smartphone Market Sales 2022

A new study reports “Smartphone Market 2022 Global Market Opportunities, Challenges, Strategies and Forecasts for 2031” has been added to the PMR.

The smartphone market is expected to increase from $507.5 billion in 2021 to $982.8 billion in 2031, at a compound annual growth rate of 6.8% over that time period. The increasing adoption of smartphones has led to an increase in the penetration of the Internet along with a hugely rising e-commerce market.

A revised Persistence Market Research study on the Smartphone Market offers a closer look at the evolving aspects of the market, as well as the dynamics affecting the growth of the market. The research study focuses on the major developments that have made their mark in the market, and what other developments are on the cards. The report talks about the various macro and micro economic factors that are responsible for having a profound impact on the growth of the market during the forecast period from 2021 to 2031.

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Due to the growing trend of e-commerce and mobile commerce, especially among the working population, the global smartphone market is expected to witness significant growth over the coming years. Some of the major variables affecting smartphone sales worldwide are increasing social media subscriptions, expanding internet penetration, and increasing marketing efforts by smartphone companies.

A direct market overview provides the growth scenario and market potential with utmost accuracy, which is judged with appropriate assumptions. The report includes unique and relevant factors that are likely to have a significant impact on smartphone sales during the forecast period. This report includes a large amount of detailed information, which will help new manufacturers and service providers in the most comprehensive way for a better understanding.

Many market stakeholders can rely on the data presented in this research study, and dive in to make actionable decisions. Moreover, the information provided in the report also helps the new market entrants in expanding their bases in this field.

The report outlines the historical and current trends shaping the smartphone market growth. The market performance journey has been charted and analyzed so that the profitable side is clear to the readers. The competitive landscape presented in the report gives a detailed overview of the key companies operating in the market, along with their differential strategies and key areas of focus.

key players-

• apple
• Samsung
• The Google
• Sony
• Huawei
• Motorola
• Nokia
• Xiaomi
• Vivo
• Oppo
• LG
• OnePlus
• Asus
• Microsoft and more

This report covers sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, brokers, customers, historical growth and future perspectives on the Smartphone market.

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Key takeaways from the market study

• By operating system, the Android segment is expected to account for a leading market share and is expected to expand at a strong CAGR of 6.2% through 2031.
• North America is expected to lead the market followed by the Asia Pacific region. The Asia Pacific region is expected to emerge as the fastest growing region from 2021 to 2031.
• Mid-range smartphones ($200-$500) will be the dominant segment and is expected to expand at a compound annual growth rate of approximately 7.5% from 2021 to 2031.
• The market in India is expected to progress at a compound annual growth rate of approximately 9.5% over the forecast period.
• In the UAE, sales are expected to increase at a compound annual growth rate of approximately 6.6% over the next ten years.

“Increasing internet penetration, increasing consumer disposable income, increasing popularity of 5G networks, and growing demand for foldable smartphones are all factors collectively driving market growth across the globe,” says a market research analyst.

Market segmentation

The Perseverance market research study provides a detailed segmentation of the market, with key segments discussed in detail. Market segmentation has been shown on the basis of operating system, price range, sales channel, and region. Each segment was analyzed in detail, and data on the growth of each segment was included in the study.

The operating system


price range

Low range (less than $200)
Mid-Range ($200 – $500)
Premium (above $500)

sales channel

E-commerce / online
Physical retail stores (offline)


North Amarica
Latin america
Asia Pacific
The Middle East

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In August 2020, Xiaomi revealed its “Smartphone × AIoT” core strategy for the next decade. Under this strategy, the company has established that smartphones will be the cornerstone of its business while the AIoT platform will build a smart living ecosystem around smartphones, increasing the value of Xiaomi.

Answer the main questions in the report

The research study on Smartphone Market offers comprehensive insights into market growth in the most comprehensive way to understand the users better. The main insights presented in the report answer some of the most prominent questions that help stakeholders gauge all emerging possibilities.

How has the smartphone market progressed over the past five years?

What are some notable opportunities in the market?
What are the competitive trends and recent developments in the market?
What are the significant opportunities, challenges and improvements for market players?
What are the main macroeconomic factors affecting the demand for smartphones?
How has the market structure evolved over the past few years?

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