PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1674400
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1674400
Global Smartphone Market is estimated to be valued at USD 718.00 Bn in 2025 and is expected to reach USD 1,038.24 Bn by 2032, growing at a compound annual growth rate (CAGR) of 5.4% from 2025 to 2032.
Report Coverage | Report Details | ||
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Base Year: | 2024 | Market Size in 2025: | USD 718.00 Bn |
Historical Data for: | 2020 To 2024 | Forecast Period: | 2025 To 2032 |
Forecast Period 2025 to 2032 CAGR: | 5.40% | 2032 Value Projection: | USD 1,038.24 Bn |
The global smartphone market has witnessed tremendous growth over the past decade driven by rising internet and social media penetration. Advancements in smartphone technology coupled with declining device prices have enabled smartphones to become one of the most widely used consumer electronic devices globally. Key players in the market continue to focus on innovations such as edge-to-edge displays, foldable screens, 5G connectivity, and multi-camera systems to attract new users as well as drive upgrades. At the same time, market saturation in developed markets has led players to increasingly target developing regions for future growth opportunities.
The key drivers fueling the global smartphone market growth include rising disposable incomes in developing countries, improving network connectivity including the rollout of 5G networks, and emergence of dual-SIM smartphones. However, increasing saturation in major markets coupled with rising inflation globally poses a challenge. Additionally, supply chain disruptions amid the ongoing pandemic along with shortage of semiconductor chips continue to restrain the market. On the positive side, growing demand for mid-range and affordable smartphones as well as increasing preference for eco-friendly electronic devices present lucrative opportunities for market expansion.