Global Smartphone Market to Grow 24% in 2014
According to Taiwan’s Market Intelligence and Consulting Institute, the global mobile phone market is expected to grow 3.0 percent this year to around 1.88 billion units.
Smartphones will account for around 65 percent of the market, growing by an estimated 23.6 percent to 1.22 billion units. MIC predicts the global smartphone market will continue to grow in double digits, to 1.88 billion units in 2018, driven by demand in emerging markets.
In North America and Western Europe, the market growth is expected to slow to around 7 percent this year, to 300.2 million smartphones sold. The share of smartphones sold in developed countries will fall to 24.6 percent in 2014 from 28.4 percent in 2013 and dip further to 20.1 percent in 2018, MIC estimates.
Despite the slower growth, vendors continue to focus on new products and marketing in developed markets. This is due to the higher levels of disposable income, operators’ willingness to subsidise phones and leveraging media exposure for flagship models to build up their brand image for mid- and lower-range products.