Key Trends in Smartphones Growth

Smartphones Market Outlook:
The global smartphone market is projected to grow from USD 578.8 billion in 2024 to USD 982.8 billion by 2031, reflecting a CAGR of 6.8% over the forecast period.
This growth is largely driven by the increasing trend of e-Commerce and m-Commerce, particularly among the working population. The proliferation of Internet access, coupled with heightened marketing efforts by smartphone manufacturers and the growing use of social media, are key factors fueling the rise in global smartphone market sales.
During the COVID-19 pandemic, economic challenges spurred demand for lower-cost smartphones. However, as global economies recover, rising disposable incomes are expected to boost consumer spending on media, entertainment, and communication devices, including smartphones, tablets, laptops, and gaming consoles. From 2016 to 2020, global smartphone sales grew at a rate of 2.7%. The demand for smartphones has been further bolstered by the integration of Artificial Intelligence (AI) technologies in many devices. Leading companies such as Apple, Samsung, and Huawei are developing powerful AI chips that consume less power while performing up to 5 trillion operations per second.
Persistence Market Research highlights North America, followed by the Asia Pacific, as the dominant smartphone markets. Growth in North America is supported by advanced telecommunications infrastructure, rapid 5G deployment, and the presence of key smartphone manufacturers in the region.