Cellular Telephones Market:
Executive Summary
The cellular telephones market consists of sales of cellular telephone and related services for text messaging, voice calling and video calling. Cellular telephones also have advanced computing abilities such as wireless internet, third-party applications and mobile payment, solutions for information management such as documents, emails, and contacts, inbuilt GPS applications.
The global cellular telephone market was worth $4.07 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 1.88% and reach $4.39 billion by 2023.
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Uncertainty about government stabilities and policies affect imports of the raw materials required for manufacturing cellular telephone, creating a negative impact on the market. Uncertainties about government policies brought about by cancellation of trade agreements cause companies to decrease their import volumes to keep expenditures at the levels of previous years or to increase prices of finished products due to increased costs. For instance, the withdrawal of the USA from the Trans-Pacific Partnership (TPP) trade deal and the $250 billion tariffs on imported products from China by the US government affecting the consumers and households indirectly thereby, hindering the growth of the cellular telephone market.
The cellular telephone market covered in this report is segmented by product type into smartphone, feature phone. It is also segmented by age-group into under 18 years old, 18-45 years old, 45-60 years old, above 60 years old and by distribution channel: OEM, retailer, e-commerce.
Companies in the cellular telephone market are introducing technological advancements in processors that give the best customer experience. The smartphones are incorporated with 7nm (nanometer) processors that increase the speed of the device and have improved power efficiency and some are expected to support 5G technology as well. For instance, in 2018, Huawei and Apple launched their smartphones with 7nm-based processors differentiating in terms of user experience when compared with other similar smartphones.
Increase in disposable income is driving the cellular telephone market. Cellular telephones have now become a necessity in every household owing to advantages such as connectivity, productivity applications, entertainment and education and with increasing disposable income, individuals are increasingly buying smartphones. For instance, in 2019 the per capita net disposable income in India increased by 10% to INR 10,534. Moreover, companies are manufacturing cellular devices that are affordable to purchase. For instance, in October 2019, HTC announced plans to manufacture affordable smartphones that support 5G. Rise in disposable income coupled with affordability increased the purchasing power of the individuals and in turn propelled the market for cellular telephone.
Major players in the cellular telephones market are Samsung Electronics Co. Ltd., Apple, Huawei, LG Electronics, Lenovo, Xiaomi, OPPO, Vivo, Motorola Mobility Holdings Inc., TCL Corporation.
Continuous…
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