The COVID-19 pandemic has affected all the markets equally, and hence there is no discrimination done with the world-wide smartphone market either. Most consumers throughout the world have spent most of their vacation and travel incomes on upgrading their electronic gadgets. Most people have to find pandemic the right time to switch to new smartphones or any other tech-devices. Although the sales of Smartphones from pandemic has drastically dropped down still, most consumers all across the globe have shown interest in the smartphone market.
One of the main reasons consumers invested in smartphones is simple “entertainment.” Most people these days love binge-watching and OTT platforms, and hence smartphone is the best streaming device for such platforms. Therefore a lot of consumers have invested in refurbishing smartphones in this pandemic.
Will the smartphone market take an upward trend in 2021?
According to the latest IDC report, which has the worldwide quarterly mobile phone tracker, smartphone shipments are expected to rise year over year by an impressive rate of 2.5 percent. The IDC reports also claim that smartphone shipment throughout the world will increase by 4.5 percent in the fourth quarter of 2021.
The dry smartphone market throughout the world is due to the impact of the supply chain, and almost all the smartphone manufacturing industries are working well to fulfill the demands of the supply. The companies are also recovering OEM or original equipment manufacturers to help them in smartphone market recovery. According to Ryan Reith, who is a vice-president at IDC worldwide smartphone Mobile market trackers, the 5G smartphone market in 2020 seemed relatively weak, but it has still managed to raise upwards by the end of the third quarter of 2020. Also, the smartphone market is expected to start high in demand as the holiday season of 2020 is close.
The effect of lockdown on the worldwide smartphone market in 2020
As discussed early, the lockdown has impacted the smartphone market, yet consumers all across the globe have spent all of their travel spendings on boosting the consumer electronics market. According to Ryan Reith, the smartphone market is also under a significant transition period. IDC is also aiming the growth of the smartphone market year over a year till 2024 with an impressive CAGR of (Compound Annual Growth Rate) of 1.3 percent.
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5G will boost the smartphone market in 2021
When we target the smartphone market’s growth in the coming years, 5G internet will be one of the outstanding technology options that a lot of consumers will be targeting in the near future. The shipment of 5G smartphone shipment is expected to hit ten percent of the global smartphone market share, and the same is expected to increase to twenty-nine percent in 2024. One of the vital factors to consider the price of a 5G hardware build cost when compared to the cost of building 4G hardware. The 5G smartphone market will also be battling against the competitive market and will play an integral role if it proves out to be decisive.