A smartphone is a mobile device with more advanced functionalities and features compared to cellphones.
A smartphone’s hardware and software specifications are meant to perform functions such as web browsing, capturing high-quality images, and playing HD videos.
A smartphone can install various applications that can perform several advanced functions. Smartphones have become popular because of their many capabilities and are often used for communication and online activities. Advances in technology have led to smartphones being more compact and cheaper than other mobile devices such as tablets, phablets and PDAs.
Global Smartphone market to grow at a CAGR of 8.1 percent over the period 2014-2019.
Covered in this Report
This report covers the present scenario and the growth prospects of the Global Smartphone market for the period 2015-2019. The report considers shipment of smartphones of trailing 3 quarters and estimates the shipment for fourth quarter for the year 2014. To calculate the market size, the report considers the revenue generated from the total unit shipment of smartphones. It also includes the shipments of phablets to arrive at the total market size for the base year 2014. However, the report does not consider the following to estimate the market size:
- Aftermarket sales of smartphones
- Sales of accessories and peripherals for smartphones
- Sales of mobile handsets that are classified as feature phones and tablets
Our analyst researched the following companies as the key players in the Global Smartphone Market: Apple Inc., Huawei Technologies Co. Ltd., Lenovo Group Ltd., LG Electronics Inc. and Samsung Electronics Co. Ltd.
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Other Prominent Vendors in the market are: ASUS, Coolpad, Gionee, HTC, Micromax, OnePlus, Sony, TCL Communication Technology, Xiaomi and ZTE.
Commenting on the report, an our analyst said: “One of the major trends upcoming in this market is increase in demand for large-screen size smartphones. With the emergence of new technologies such as cloud computing, virtualization, and deployment of next-generation LTE wireless networks such as 3G and 4G, consumers are actively browsing the internet, playing games, and watching videos on their smartphones, driving the demand for smartphones worldwide.”
According to the report, one of the major drivers of the market is the declining average selling price of smartphones. Smartphone prices have been constantly reducing in the market, which is making them more affordable, and is expected to lead to their increased adoption during the forecast period of 2014-2019.
Further, the report states that one of the key challenges in the market is the high production cost. The intense competition in the market forces smartphone vendors to make large investments that eventually affect profitability. Marketing and R&D are the two major spending areas leading to the high cost of production.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.