Smartphone market size [2022-2029] Exhibiting 7.3% compound annual growth rate to reach $792.51 billion in 2029

Smartphone market size [2022-2029] Exhibiting 7.3% compound annual growth rate to reach $792.51 billion in 2029

Fortune Business Insights

According to Fortune Business Insights report, the global smartphone market size is expected to reach $792.51 billion in 2029, at a compound annual growth rate of 7.3% during the forecast period, 2022-2029

Pune, India, November 3, 2022 (GLOBE NEWSWIRE) – Fortune Business Insights has published the latest forecast for the smartphone market share in its report titled, Smartphone market share Forecast, 2022-2029”. According to the report, the global market size was US$457.18 billion in 2021. The global smartphone market share is expected to grow from US$484.81 billion in 2022 to US$484.81 billion in 2022. 792.51 billion in 2029 at a compound annual growth rate of 7.3% In the forecast period 2022-2029.

According to the research conducted by our expert analysts, the increasing adoption of IoT technology is expected to boost the growth of the market. Likewise, increasing home ownership by millennials and increasing flexible income in existing states is driving automated demand for homes.

Major Industrial Developments:

August 2021: Samsung introduced the Galaxy Z Flip3 5G and Galaxy Z Fold3 5G, the innovative foldable mobile phone. With a premium design, both devices are engineered with pioneering innovation, providing a unique user experience for working, playing, and watching.

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Scope and segmentation report

Report coverage


prediction period

2022 to 2029

Forecast period from 2022 to 2029 CAGR


2029 Value Drop

$792.51 billion

base year


Smartphone market size in 2021

457.18 billion US dollars

Historical data about

2018 to 2020

number of pages


Sectors covered

Operating system, distribution channel and geography

Smartphone market growth engine

The trend towards digitalization to drive innovation

Overview of the impact of COVID-19 on this market:

The emergence of COVID-19 has brought the world to a standstill. We recognize that this health crisis has had an unprecedented impact on companies across industries. However, this too will pass. Increased support from governments and many companies can help combat this highly contagious disease. There are some industries that are struggling and some are thriving. In general, almost every sector is expected to be affected by the pandemic.

Click here for the short- and long-term impact of COVID-19 on this market:

Market Growth Drivers:

The trend towards digitalization to drive innovation

Stakeholders anticipate expansion of connectivity solutions to boost the growth of the smartphone market during the forecast period. The trend towards mobile connectivity is becoming evident across healthcare devices, fleet management operations, vehicles, infrastructure security systems, and smart meters. Besides, governments and other stakeholders are likely to pour money into digitization, prompting smartphone manufacturers to boost their investment portfolios. Notably, in April 2021, Apple announced an investment of approximately $430.00 billion to support 5G technology and silicon engineering in the United States to support American innovation strategies for the next five years.

Smartphone Market Segment Analysis

Based on the operating system, the market is divided into iOS, android, windows and others.

In terms of distribution channel, the industry is separated into e-commerce stores, retailers and OEMs.

On the basis of region, the market is segmented into Asia Pacific, North America, Europe, South America, Middle East and Africa.

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Regional insights into the smartphone market:

Expand the telecom sector to boost the Asia Pacific market

Leading companies anticipate that China, India and Australia will provide promising growth opportunities in the telecom sector. Rising investments in smartphone will continue to drive the penetration of IoT and 5G. Leading companies are more likely to launch innovative products in the following period. In January 2022, Vivo Mobile Communication Co., Ltd introduced the “V23 and V23 Pro” in India and described the first color changing smartphone in India.

The North American smartphone market share is going to gain a lot on the heels of the presence of the leading companies across the United States and Canada. To clarify, in November 2021, Huawei Device Co., Ltd. confirmed. They are considering launching cell phones across Canada to provide better services to customers. It is worth noting that the growing popularity of the e-commerce sector will continue to be instrumental in promoting product adoption.

Industry participants view Europe as a happy hunting ground thanks to investments in the automotive and telecoms sectors. Specifically, in July 2020, Samsung collaborated with the German Federal Office for Information Security (BSI), Bundesdruckerei (bdr) and Deutsche Telekom Security GmbH to develop a hardware-based security architecture. Bullish strategies are more likely to be announced with major companies likely to prioritize technological progress.

The main companies identified in the market are:

  • Apple company

  • Samsung

  • OPPO

  • Huawei Device Co., Ltd.

  • oneplus

  • Sony group company

  • xiaomi

  • HTC Corporation

  • Google LLC

  • ZTE Corporation

Main table of contents:

  • North America Smartphone Market Size and Forecast, by Segment, 2018-2029

  • Europe smartphone market size and forecast, by segments, 2018-2029

  • Asia Pacific Smartphone Market Size and Forecast, by Segments, 2018-2029

Follow the table of contents…

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