Mobile phones are an integral part of people’s day-to-day lives. Mobile phones are no longer only a means of talking and messaging. Instead, mobile phones have become a mini world through which almost every facility can be accessed from one’s comfort zone.
The global mobile phone market is expected to reach 1,729.6 million unit shipments within 2024. It would result in a 0.7% of CAGR (Compound Annual Growth Rate) from 2019 to 2024.
The worldwide smartphone shipments are anticipated to grow in 2021 due to the enhanced advancements in the 5G technology. Moreover, the launching of budget-friendly 5G handsets in different markets would also escalate the global mobile phone market.
Latest Mobile Trends
- Post Covid-19 scenario, the 5G technology would enhance its strength due to more advancements and efforts. So, 5G is anticipated to create momentum and change the structure of the overall telecom industry.
- Moreover, the adoption of open RAN (open radio access networks) and network transformation would also shape the structure of the telecom industry.
- Enterprise digitization, 4G smartphone craze, and immersive reality and streaming are further fueling the global mobile phone market. Nowadays, most people depend on their mobile phones for daily entertainment doses, browsing, or consuming information. All these aspects are transforming the mobile phone market and accelerating growth.
- The Covid-19 pandemic deteriorated the advancements of the 5G technology. However, the activities and efforts to escalate the 5G industry have been restored. A total of 113 mobile operators have already introduced a 5G network in 48 nations. It is anticipated that many mobile operators will invest 80% of sector CAPEX (capital expenditures) on 5G networks throughout the upcoming five years.
- Around 20% of worldwide mobile connections would be 5G by 2025 due to the craze of the 5G technology among people. The 5G adoption rates would be more in nations like the U.S., Japan, China, the Gulf States, South Korea, Australia, and segments of Europe.
- The short-term overview of the global mobile market of 2021 primarily depends on the economic recovery from the consumers’ incomes caused by the Covid-19 pandemic. Nonetheless, the anticipated affordable rates of 5G handsets would also help to restore the mobile phone market’s situation. According to a survey (2020), around 37% of consumers would like to upgrade to 5G.
Current Market Scenario
- According to research, around 75% of the total mobile phone users would start using smartphones within 2025. The rapid technological advancements in tablets and smartphones accompanied by strong internet connections are attracting more and more consumers. It certainly acts as a strong driving force in the growth of the global mobile phone market.
- The global market size of mobile marketing was estimated at USD 65.06 billion in the year 2019. Moreover, it is anticipated to grow at 22.9% of CAGR (Compound Annual Growth Rate) from 2020 to 2027.
The global market of mobile phone accessories was estimated at $224.69 billion in the year 2018. It is anticipated to get to $284.06 billion within 2026 at a 3.1% of CAGR from 2019 to 2026.