Global smartphone market to grow at CAGR of 15.3%
According to Research and Markets (www.researchandmarkets.com), the global smartphone market will grow at a CAGR [compound annual growth rate] of 15.3% over the period 2013-2018. One of the key factors contributing to this market growth is the declining ASP [average selling price] of smartphones.
The global smartphones market has also been witnessing increasing demand for large-screen smartphones, according to the research group. However, the high production cost could pose a challenge to the growth of this market.
Commenting on the report, Research and Markets says: "The Global Smartphones market is expected to witness significant growth due to some emerging trends that are likely to have a positive impact on market growth over the next few years. One such trend is the increasing demand for large-screen smartphones. With the emergence of new technologies such as cloud computing, virtualization, and the deployment of next-generation LTE wireless networks such as 3G and 4G, consumers are able to browse the internet, play online games, and watch videos on their smartphones, thereby driving the demand for large-screen smartphones worldwide. Thus, the combination of various emerging trends and drivers is expected to propel the growth of the market during the forecast period."
According to the report, one of the major drivers is the declining ASP of smartphones. The prices of smartphones have been constantly decreasing, so they are becoming more affordable to a broader consumer base, which has resulted in a high demand for smartphones in recent years. These lower prices have also increased the adoption of smartphones in emerging markets such as India and China.