Global Smartphone Revenue Hits Record ~$450 Billion in 2021

According to the latest research from Counterpoint’s Market Monitor Service, the global smartphone market revenue crossed $448 billion in 2021. It grew 7% YoY and 20% QoQ even as component shortages and COVID-19 restrictions continued to disrupt supply chains around the world.

Global Smartphone Revenue Hits Record $450 Billion in 2021

Due to a higher share of 5G smartphones, the average selling price (ASP) grew 12% YoY to reach $322. Besides, more 5G-enabled models were released in 2021 as OEMs such as Xiaomi, Vivo, OPPO and realme focused on fulfilling a greater demand for affordable 5G smartphones in emerging markets such as India, Southeast Asia, LATAM and Eastern Europe. As a result, 5G-enabled smartphones contributed more than 40% of the global smartphone shipments in 2021, compared to 18% in 2020.

There has also been a global increase in demand for mid-range and premium smartphones due to the pandemic-linked education, work and entertainment from home convincing some consumers to upgrade their devices for a better overall experience. Lastly, the global shortage of smartphone components has also led major OEMs to increase the retail prices of some of their entry and mid-tier smartphones.

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Here are the top five smartphone manufacturers with most of the shares.

• Apple’s iPhone revenue increased 35% YoY to $196 billion in 2021. It captured 44% of total global smartphone revenue in 2021. The high demand for 5G-enabled iPhone 12 and 13 series helped Apple register 14% growth in its overall ASP, which reached $825 in 2021.
• Samsung’s smartphone revenue increased 11% YoY to reach $72 billion in 2021, compared to $64 billion in 2020. Its ASP grew 5% to $263 in 2021.
• Xiaomi’s revenue increased 49% YoY to reach $36 billion in 2021, compared to $24 billion in 2020, mainly due to the increase in shipments and market share for its mid and premium segment smartphones such as the Mi  11x series.
• OPPO saw a revenue increase of 47% YoY to $37 billion. Its ASP grew 15% YoY to reach $259 in 2021. The brand saw an increase in shipments in the $400-$599 and $600-$799 price bands, mainly owing to strong demand for the Reno 6 series, Find X3 and OnePlus 9 series.
• vivo’s revenue increased 43% YoY to $34 billion. Its ASP grew 19% YoY to reach $259 in 2021. The brand ranked as the fifth-largest smartphone vendor in 2021 both in terms of revenue and shipments.

Source: CounterPointResearch