Market Insights Technology Devices Phones

Smartphones - Worldwide

Worldwide

Revenue in the Smartphones market is projected to reach €0.43tn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 3.32%, resulting in a market volume of €0.49tn by 2028.
In global comparison, most revenue will be generated in China (€97bn in 2024).

Key regions: India, Russia, France, Germany, Japan

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Analyst Opinion

Smartphones are the defining topic of the overall Phones market. While the difference between industrialized and developing countries is less pronounced compared to other markets (e.g., Software), other influences play an important role. For instance, cultural factors are decisive. Thus, the popularity of “Bring Your Own Device” policies affects the sales of smartphones and other equipment. Like other IT markets the Phones segments are also driven by innovations. Especially the 5G adoption will force new market developments, as devices have to be adjusted due to the new communication technology.

Methodology

Data coverage: The data includes business spending (B2B), consumer spending (B2C), and government spending (B2G). The revenue is allocated to the country in which the money is spent at the manufacturer price level (excluding VAT). Modeling approach: Modeling is carried out by implementing a top-down approach with a bottom-up validation. By applying advanced statistical methods, forecasts are made based on historical developments, current trends, and key market indicators. The main drivers are the GDP, the level of digitization, and consumer attitudes toward device usage (e.g., “bring-your-own-device culture:” the use of personal devices for work purposes). The data is modeled in USD using current exchange rates; for the conversion of data from/into local currencies, real exchange rates are used. Further information: Updates are made twice a year if market dynamics change. COVID-19 is considered using country-specific factors.