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Smartphones Market

Market Study on Smartphones: Emergence of 5G to Drive Market Growth Substantially

Smartphones Market Segmented By Mobile Vendor, Android, iOS, Windows, Blackberry Operating System

Smartphones Market Size (2024-2031)

The global smartphones market size is expected to grow from US$ 578.8 Bn in 2024 to US$ 982.8 Bn by 2031, expanding at a CAGR of 6.8% over the decade.

Attribute Key Insights

Smartphones Market Size (2024)

US$ 578.8 Bn

Forecasted Market Value (2031)

US$ 982.8 Bn

Global Market Growth Rate (2024-2031)

6.8% CAGR

Market Share of Top 5 Smartphone Manufacturers


The global market for smartphones is expected to show significant growth over the coming years owing to the rising trend of e-Commerce and m-Commerce, particularly among the working population. Growing Internet penetration, increasing marketing activities by smartphone vendors, and rising subscriptions in social media are some of the key factors driving global smartphone sales.

Economic slowdown due to the COVID-19 pandemic led to rising demand for low-priced smartphones. However, over the coming years, rising disposable income will increase the probability of consumer spending on media, entertainment, and networking & mobile communication, leading to higher potential sales of consumer electronics such as smartphones, tablets, laptops, and gaming consoles.

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Consumption Analysis of Smartphones from 2016-2023 Vs Market Outlook for 2024-2031

Global smartphone sales increased at the rate of 2.7% over 2016-2020. Demand for smartphones has grown owing to integration of Artificial Intelligence (AI) technology in many mobile phones. Major companies such as Apple, Samsung, and Huawei operating in the market are introducing powerful smartphone AI chips that can use considerably less power to accomplish more tasks and perform up to 5 trillion operations per second.

Persistence Market Research identifies North America, followed by Asia Pacific, as the leading smartphones market. Expansion in North America is supported by the presence of advanced telecom infrastructure, rapid 5G deployment, and presence of key smartphone manufacturers in the region.

Overall, the global mobile phones market is set to expand at a CAGR of 6.8% through 2031.

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What are the Key Factors Driving Demand for Smartphones?

“5G-enabled Smartphones to Drive Most Market Growth Going Forward”

Introduction of 4G LTE technology and 5G services across various developing countries is expected to drive sales revenue of smartphones in such countries.

Various smartphone manufacturers are focused on launching 5G smartphones to cater to increasing demand for 4G-enabled smartphones and 5G-enabled smartphones for tech savvy consumers. Increasing demand for 5G smartphones is expected to decrease the prices of 4G smartphones, which is further expected to drive sales volume as a result.

Instances of smartphone adoption are very high among the urban population as compared to the rural population, and hence, there is high demand for smartphones in developed regions (where the urban to rural population ratio is higher than developing regions).


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Country-wise Insights

Why is the U.S. Smartphones Market Still Growing at a Fast Pace?

“Apple Smartphones Hugely Popular in the United States”

Currently, the U.S. smartphones market is anticipated to experience the highest growth in the North America market over the forecasted period, expected to expand at around 6.6% CAGR through 2024 to 2031.

In terms of value, Apple smartphones dominated the market in the U.S. and accounted for more than 58% revenue share in 2020. Whereas, in terms of operating system, Android smartphones accounted for a market share of 41% in North America. Moreover, the iOS operating system is expected to maintain its dominance over the coming years.

Will India Be a Prominent Market for Smartphone Suppliers?

“Low- to Medium-range Smartphones Highly Sought-after in India”

India accounts for one of the large consumption of smartphones in the APAC region, after China. The India smartphones market is expected to progress at a high CAGR of around nearly 9.5% over the forecasted period. High growth in India can be majorly attributed to rapid telecom infrastructure and economic development in various cities of the country.

Additionally, other factors such as increasing inflow of low-priced and high-end electronic components & products in the Indian market is expected to support the demand growth of smartphones. In terms of value, smartphone sales in India are projected to grow 2.5X in the next ten years.

Which Country Leads the Europe Smartphones Market?

“U.K. Market Driven by High Popularity of Android Cell Phones”

The U.K. cellphones market is set to register the highest growth in Europe, and its market size is expected expand 2.2X by 2031. The U.K. market is expected to surge at around 8.1% CAGR during 2024-2031.

Consumer electronics manufacturers in Europe are investing substantially in smartphone manufacturing, especially in Android smartphones, followed by iOS smartphones. The Android operating system is dominating the Europe smartphones sector, whereas, the iOS segment accounted for over US$ 35 Bn of the U.K smartphones market in 2020.

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Category-wise Insights

Which Operating System Holds the Largest Share in Smartphones?

“Android Mobile Phones Ruling the Roost”

By operating system, the Android segment is expected to continue its dominance over the forecast period. However, the iOS segment is set to expand at a higher CAGR of around nearly 6.2% during 2024-2031.

Growth of the Android segment can be attributed to an increase in demand and supply of reasonably priced Android mobile phones.

However, growing inclination of consumers toward high-end smartphones is driving the market for iOS, and the segment is expected to expand at a substantial rate over the coming years.

How Crucial is Pricing in the Smartphones Industry?

“Mid-range Smartphones Experiencing Highest Demand”

On the basis of price range, mid-range smartphones ($200-$500) are anticipated to dominate the global market. The market size of mid-range cell phones is expected to expand almost 2X over the forecast period.

There has been a shift in demand where consumers are focused on getting budgeted smartphones. Owing to this, increasing number of companies are launching new smartphones in the mid-range segment, thereby driving segmental growth in this market.

COVID-19 Crisis Impact

The COVID-19 pandemic outbreak disrupted many industries, including smartphone demand. The spread of COVID-19 affected industries in Asia Pacific, Europe, North America, Middle East, Africa, and Latin America.

The electronics product manufacturing industry took a major hit during the pandemic, as the world is now experiencing a major shortage in semiconductor components and chips. The pandemic has made it very difficult to cope up with the increase in demand for electronics.

Smartphone shipments witnessed a decline in 2020, mainly due to the impact of COVID-19. Companies manufacturing smartphones were not able to source the required labour for their operations due to travel restrictions, and industries were shut down in China and other developing countries across the globe.

Competitive Landscape

Many key smartphone market manufacturers are inclined at investing heavily in innovation, research, and development practices to uncover rising demand for smartphones. With the use of technology, smartphone suppliers are also focusing on quality and customer satisfaction for capturing a larger base.

Market players are focusing on initiatives such as acquisitions, new product launches, and mobile app software updates in order to offer advanced smartphones in the market.

  • Samsung is dominating the global Android-based market. The company also enjoys the highest demand for low-end smartphones across geographical regions such as Asia Pacific, Latin America, Europe, and MEA
  • Apple happens to rank second in the global market share. The company dominates developed countries such as the U.S., U.K., and Japan with its high-end iOS-based smartphones.

Smartphones Industry Report Scope

Attribute Details

Forecast Period


Historical Data Available for


Market Analysis

  • US$ Million for Value
  • Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • The Middle East

Key Countries Covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Japan
  • China
  • India
  • Pakistan
  • Indonesia
  • Vietnam
  • United Arab Emirates
  • Saudi Arabia
  • Qatar
  • Kuwait
  • Bahrain
  • Israel

Key Market Segments Covered

  • Operating System
  • Price Range
  • Sales Channel
  • Region

Key Companies Profiled

  • Apple
  • Samsung
  • Google
  • Sony
  • Huawei
  • Motorola
  • Nokia
  • Xiaomi
  • Vivo
  • Oppo
  • LG
  • HTC
  • OnePlus
  • Asus

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & pricing

Available upon request

Smartphones Industry Survey by Category

By Operating System:

  • Android Smartphones
  • iOS Smartphones
  • Others

By Price Range:

  • Low-range Smartphones (Below $200)
  • Mid-range Smartphones ($200-$500)
  • Premium Smartphones (Above $500)

By Sales Channel:

  • Online/e-Commerce
  • Physical Retail Stores (Offline)

By Region:

  • North America 
  • Latin America
  • Europe 
  • Asia Pacific 
  • Middle East 

- Companies Covered in This Report -

  • Apple
  • Samsung
  • Google
  • Sony
  • Huawei
  • Motorola
  • Nokia
  • Xiaomi
  • Vivo
  • Oppo
  • LG
  • HTC
  • OnePlus
  • Asus
  • Microsoft

- Frequently Asked Questions -

The global smartphones market was valued at around US$ 507.5 Bn in 2021.

Increasing social media penetration coupled with growing m-Commerce are driving demand for smartphones.

From 2016 to 2020, smartphone consumption increased at a CAGR of 2.7%.

Sales of smartphones are projected to increase at 6.8% CAGR and be valued at around US$ 982.8 Bn by 2031.

Key market trends include adoption of AI technology in smartphones coupled with growing popularity of 5G technology across the globe.

Apple, Samsung, Huawei, Xiaomi, and Oppo are the top 5 smartphone vendors, accounting for more than 75% market share.

The U.K. and Germany together held almost 45% share of the Europe market in 2021.

The U.K., U.S., China, Japan, and India are major demand hubs for smartphones.

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