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Smartphone market predicted to grow by 64.05 million units through 2024

The global smartphone market is expected to grow by 64.05 million units during 2020-2024 according to the latest market research report by Technavio.

The online sales volume of smartphones is increasing due to factors such as wide assortment of products, convenience, and the availability of products at special prices and discounts, notes the research group. Online smartphone sales contributed to around 50% of the total sales in India as of April 2019 because many major e-commerce vendors such as Amazon and Flipkart are promoting multiple brands of smartphones. 

In addition, online distribution channel require limited investments and eliminates additional costs for the seller as well when compared to the offline channel. This is expected to further increase the variety and number of products available over the online channel. All these factors are expected to showcase a positive outlook for the market over the forecast period, says Technavio.

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