Providing a beacon of hope in a struggling market, the smartphone industry, stagnant since 2019, is projected to bounce back in the coming year. This is truly a testament to the unwavering presence of smartphones in our pockets globally.
The decrease in smartphone sales since 2021 has mostly been a reaction to worldwide economic turbulence and the maturity of the market. But, despite the slump, smartphones are not expected to be phased out by other devices anytime soon.
Forecasts put forth a reassuring growth in the market by 4% in 2024, a marked improvement compared to the 5% dip experienced in 2023. Sales numbers look promising till 2027, with an estimate of 1.25 billion annual smartphone sales, a rise from this year's 1.13 billion.
The European market leads the charge with an expected 7% growth, closely followed by Asia-Pacific, Middle East, and Africa at 6%. Two of the world's major markets, China and North America, will see a slower pace, with 2% and a declining -2% growth respectively.
The average price tags on smartphones are witnessing a steady increase, with the current amount surpassing , which shows a significant increase from the in 2017. This surge in price could potentially translate into higher profit margins for manufacturers in the near future.
Repairability in Budget Devices
Consumers can look forward to improved repairability in affordable devices, drawing from the example set by the Pixel 8.