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Smartphone Market Trends & Forecast 2020
Against the backdrop of marked demand slump, numerous top phone makers were able to consolidate their shares by reaping profits from growth in device shipments in emerging markets. Key smartphone manufacturers in emerging markets such as Asia Pacific were able to consistently ratchet up their shares by revitalizing their sales. Interest of consumers in the smartphone market saw a fresh impetus from the initiative by makers to keep the average prices of devices low.
A few aspiring companies in the smartphone market have recently been keen on expanding their brick and mortar presence, observes Transparency Market Research. Coupled with this, they are offering attractive channel schemes to attract consumers. All such moves might help them overcome the lackluster demands worldwide, and propel new revenue streams in the smartphone market. A case in point is Xiaomi expanding its local production in emerging market of India. Other than adopting such approaches, key players in the global smartphone market would also engage increasingly in strategic alliances and partnership.
The global smartphone market is projected to clock a CAGR of 19.0% to reach a worth of US,503.2 bn by 2026-end.
Among the major operating systems, the popularity of Android in the smartphone market is not likely to wane anytime soon. It presently acquires an overwhelmingly large share in the market.
Keeping Average Selling Prices Low help Them Penetrate Emerging Markets
The global smartphone market has benefitted from the focus of several phone makers to keep the average selling prices of their newly launched models low, especially in cost-sensitive markets. The key winning imperative has for ling been a key characteristic of the Asia Pacific smartphone market. The region is expected to occupy the major share in the global market by the end of the assessment period.
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Advancement in Features of Handsets will Help Drive Shipments
Meanwhile, an array of smartphones whose pricing are at the higher side will attract the imagination of buyers. Interestingly, buyers in emerging markets are getting attracted to the expanded camera features of new phones by stalwarts Samsung and Guangdong OPPO Mobile Telecommunications Corp.
Over the past few years, the online focus for selling by smartphone makers has paid off well. However, feature phones seemingly have been losing their sheen. This will be compensated by the rise in spending on new manufacturing units. The smartphone market has seen a new demand potential in the advent of 5G and its expected rollout in coming months. Advances in network by telecom companies have also bolstered the prospects.
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