The global smartphone market is expected to gain significant demand owing to the growing demand for mobile internet services and applications along with real-time need for information exchange. Constant technological advancements for enhanced experiences are expected to provide positive avenues to market growth over the next seven years. Increasing disposable income worldwide and particularly for Asia Pacific region is expected to drive the market. High price-sensitive buyers are expected to restrain market growth over the forecast period. However, brand and technology sensitive buyers are expected to contribute to market demand. Smartphone is characterized by innovative features, technology and designs, changing product life cycles, aggressive pricing, changing imitation of product, and technological improvements. India and China have shown rapid growth in market share and is expected to increase over the next seven years.
Ease of managing programs, photos, galleries, and documents has increased the dependency on smartphone. Growing demand and interest in music, gaming, travel navigation, entertainment, social, and personalization are expected to be the key drivers for the smartphone market. They are increasingly becoming an alternative to PDA’s, heavy laptops, and space-consuming desktop. Low-cost mobile data at 3G and 4G and increasing need to stay connected are expected to fuel the market. Several benefits like online shopping, digital wallet, e-learning, instant messaging, and web-browsing are expected to fuel market demand. Hardware technologies such as [G1] sound, camera quality, display, and external design are major factors influencing the buying decisions. With a low hardware differentiation, leading players in different markets are expected to concentrate more on branding and advertising. New software makers are expected to target an operating system and a content market at the same time, developing a unique distinction.
Continuous technology advancements in various operating systems used such as Windows, Android, Symbian, and IOS are expected to fuel smartphone market demand over the forecast period. However, operating system compatibility may restrict market growth over the next seven years. For instance, iOS has a major compatibility issue with other operating systems. Various build-in applications of iOS device like Bluetooth is hard to connect with Bluetooth on other devices having different operating system like Android, Symbian. Software makers who have a competitive advantage in the PC operating market are now jumping into the smart-phone market as an extension. Asia Pacific is expected to be the key regional segment for the market over the forecast period.
Some of the major Key players in the smartphone market include Apple, HTC, Blackberry, LG, Motorola, Nokia, Micromax, Xiaomi, Google, and Samsung. New players are entering the market. In April 2014, Microsoft completed the acquisition of Nokia at USD 7.2 billion. Microsoft licensed the rights of NOKIA along with 8,500 design patents of its phone manufacturing. Microsoft has control over the Nokia device and service part of Nokia business known as Microsoft mobile oy.
Apple fought a legal suit against Samsung for copying its smartphone designs and features for four years. In April 2014, Samsung admitted to copying some of the Apple products and features for which Apple sued Samsung for USD 2 million. Additionally, Apple faced many issues with other leading smartphone brands such as Motorola and HTC. In June 2015, Apple Inc. unveiled its iOS 9, which is more intelligent and delivers updates on most used applications. In February 2015, Apple announced to build two data centers in Europe with an investment of USD 1.91 billion (1.7 billion Euro). In June 2015, Samsung launched the active version of its Galaxy S6. The device is available on the AT&T network. This rugged version of the smartphone replaces all shine of Galaxy S6 and covers it by a solid coating to withstand outdoor activities. In June 2015, Micromax launched Canvas Fire 3 priced at Rs. 6499 and available online. The smartphone runs on Android 4.4.4 Kitkat and includes connectivity options such as Bluetooth and WiFi, and supports dual-SIM and 3G connectivity.
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The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.
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