LONDON--(BUSINESS WIRE)--The global smartphone market is expected to grow at a CAGR of around 6% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global smartphone market for 2017-2021. The market is further categorized into three segments based on technology which are Android, iOS, and windows phone. The Android phones segment accounted for close to 80% of the market share in 2016.
“A strong characteristic that defines the smartphone market is the variety of features offered in smartphones. Earlier, the touch feature of smartphones attracted customers. Today, with 20-megapixel cameras, eight-core chips in a processor, full HD displays, and rapid charging technologies becoming standard in smartphones, customers continue to seek new features in phones,” says Jujhar Singh, a lead retail goods and services research expert from Technavio.
Technavio’s research analysts segment the global smartphone market into the following regions:
- APAC
- Americas
- EMEA
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Smartphone market in APAC
The smartphone market in APAC has witnessed tremendous growth in the past few years. China, Japan, India, South Korea, and Indonesia are some of the APAC countries that are driving the growth of the smartphone market. After facing saturation in developed markets leading manufacturers of smartphones such as Apple, Samsung, Sony, and HTC, launched models that focused on emerging markets.
These products were well-priced, competitive, and gave customers the best value for their money. Even Apple, a premium manufacturer, launched the iPhone 5c in 2013 and iPhone SE in 2016 to tap this market. In July 2016, one of Apple's top executives announced that iPhone sales, which witnessed a 51% year-over-year growth, have given confidence to the company to establish retail outlets in India in the coming years due to the past success of the company's products.
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Smartphone market in Americas
The Americas is the region that started the smartphone era, and it is responsible for a lot of the R&D that has gone into smartphones, courtesy Apple's innovations. However, it has witnessed a decline in its revenue and shipments in the past couple of years as the market became saturated. Moreover, smartphones are much more stable and durable compared to previous models. This has reduced the need to replace smartphones on a year-over-year basis.
“Customers in the region tend to be brand conscious and prefer opting for flagship smartphones, such as the Samsung Galaxy S series or the iPhone, unlike APAC and EMEA, where mid-range smartphones see the most success,” says Jujhar.
Smartphone market in EMEA
EMEA is the fastest-growing region and is expected to drive the smartphone market during the forecast period. Though EMEA accounted for the smallest share of the market, the countries in the region show immense potential for growth.
Europe has a mix of brand-conscious countries, such as the UK, France, and Italy, and countries that are not brand conscious, including Spain, Turkey, and Germany. Flagship brands, such as Apple and Samsung, have a major advantage in brand-conscious countries. The countries that are not brand conscious enjoy the presence of low-cost brands, mostly Chinese brands. Customers do not generally prioritize on a premium phone in these markets. Owing to this, companies such as Huawei, Xiaomi, and ZTE have been able to penetrate these markets quite easily.
Some of the top vendors in the global smartphone market as highlighted in this market research analysis are:
- Apple
- Samsung
- Huawei
- OPPO
- Vivo
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