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We may have reached a saturation point for smartphones. According to RnR Market Research, a market intelligence firm, the global mobile phone market volume will reach 1.97 billion units in 2016, 1.53 billion of which will be smartphones. It’s a paltry 1.4% year-on-year growth.
The report said that the market has dropped to single digits. Yes, the smartphone market is possibly plateauing.
And it could possibly continue until 2020. The RnR Market Research report also said that global smartphone market volume is predicted to grow at a CAGR (Compound Annual Growth Rate) of 4% between 2015 and 2020.
Companies covered in this report are Apple, ASUS, Blackberry, Coolpad, Gionee, Haier, Honor, HTC, Huawei, JD, Karbonn, LAVA, Lenovo, LG, Micromax, Microsoft, Neul, Oppo, Redmi, Samsung, Sony, Suning, Tmall, Xiaomi, and ZTE.
And it seems the writing is on the wall. Apple recently announced that iPhone sales will possibly dip this year, the first time it has done so in a decade.
If you’ve been tracking smartphone launches for the past several years, you’ll probably notice that we’re just seeing faster smartphones with bigger screens. There’s not much hardware innovation these past few years.
But in spite of the global smartphone market slow down, smartphone vendors in China and emerging markets will still manage to retain shipment growth this year. It’s all thanks to their flexible business models and premium products at affordable prices.
For more information on the report, visit the RnR Market Research site or click here.
Perhaps in the near future, we’ll see modular smartphones and the only thing that we need to upgrade is the operating system and applications.
We could probably see the wearable device with smartphone functions.