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Smartphone Market size is set to grow by USD 77.05 billion from 2024-2028, Growing adoption of AI in smartphones boost the market, Technavio

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NEW YORK, July 5, 2024 /PRNewswire/ — The global smartphone market size is estimated to grow by USD 77.05 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 3.43%  during the forecast period. Growing adoption of AI in smartphones is driving market growth, with a trend towards emergence of sensor fusion technology. However, ongoing trade wars affecting smartphone sales  poses a challenge. Key market players include Acer Inc., Alphabet Inc., Apple Inc., ASUSTeK Computer Inc., Guangdong OPPO Mobile Telecommunications Corp. Ltd., Honor Device Co. Ltd., HTC Corp., Huawei Technologies Co. Ltd., Kyocera Corp., Lava International Ltd., Lenovo Group Ltd., LG Corp., Micromax Informatics Ltd., Nokia Corp., Samsung Electronics Co. Ltd., Shenzhen Transsion Holdings Co. Ltd, Sony Group Corp., TCL Electronics Holdings Ltd., Xiaomi Communications Co. Ltd., and ZTE Corp..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Smartphone Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 3.43%

Market growth 2024-2028

USD 77.05 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

3.31

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 51%

Key countries

China, India, Germany, US, and Brazil

Key companies profiled

Acer Inc., Alphabet Inc., Apple Inc., ASUSTeK Computer Inc., Guangdong OPPO Mobile Telecommunications Corp. Ltd., Honor Device Co. Ltd., HTC Corp., Huawei Technologies Co. Ltd., Kyocera Corp., Lava International Ltd., Lenovo Group Ltd., LG Corp., Micromax Informatics Ltd., Nokia Corp., Samsung Electronics Co. Ltd., Shenzhen Transsion Holdings Co. Ltd, Sony Group Corp., TCL Electronics Holdings Ltd., Xiaomi Communications Co. Ltd., and ZTE Corp.

Market Driver

Sensor fusion technology is a crucial innovation in the smartphone market, allowing devices to combine data from various sensors for more accurate results. Bosch Sensortec GmbH offers FusionLib, a 9-axis fusion solution that combines a gyroscope, geomagnetic sensor, and accelerometer for robust absolute orientation. This technology is essential for AR applications, improving position and orientation information by eliminating individual sensor deficiencies. Sensor fusion solutions enable tilt compensation, compass calibration, and data correction, fueling the growth of the global smartphone sensors market. These advancements contribute significantly to the smartphone industry by enhancing functionality and user experience. 

In the dynamic world of electronic devices, smartphones continue to dominate the market. Premium class phones with advanced features like cloud storage, content subscription, and high-speed network access are in high demand. Disposable cash is a key factor for mobile phone users looking for entertainment, networking, and improved telecom infrastructure. 5G gadgets, including 5G chips and 5G network technologies, are the next-generation products driving growth. Chipmakers and laboratories are engineering institutes’ focus, developing next-generation applications for gaming consoles, laptops, tablets, and picture processing. Affordable handsets cater to budget-conscious consumers. Operating systems like Android and iOS, with application developers creating social media, utility, lifestyle applications in C++ and Java, fuel innovation. In-app purchases and subscriptions to courses further enhance user experience. High-speed data connectivity and integrated IoT applications complete the package. 

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Market Challenges

Smartphone vendors are investing substantial resources in exporting devices to seize the global market. However, government interventions, such as trade bans, can adversely impact this market. For instance, the US and China, significant players in the global electronics supply chain, have imposed tariffs on each other, including smartphones. This has increased the cost of manufacturing and selling smartphones, potentially reducing sales volumes and market share for vendors. APAC, the primary market for smartphones, has been affected due to increasing government regulations on the movement of electronic commodities. As a result, the shipment of smartphones from China to other countries decreased in Q2 2021. The uncertainty surrounding trade wars and government regulations is expected to hinder the growth of the global smartphone market during the forecast period.The smartphone market faces several challenges in 2021, according to International Data Corporation. Component shortages, particularly semiconductors, hinder mobile phone manufacturers’ ability to meet demand. Virtual and augmented reality technologies require low-power consumption and fast charging capability, adding complexity. Human-system interaction, digital information, and connectivity are key for mobile phone usage in automobiles, fleet management, healthcare devices, and infrastructure security systems. Mobile sensors, face recognition, and fingerprint technology are essential hardware features. OEMs and e-commerce platforms prioritize online shopping, m-commerce, and telecom industry collaborations. Dual-camera systems, web browsing, multimedia, and gaming are primary software capabilities. Governmental assistance and feature phones cater to specific markets. The technology market continues to evolve, with hardware and software capabilities shaping the future of consumer electronics.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This smartphone market report extensively covers market segmentation by  

Technology 1.1 Android1.2 IOS1.3 OthersPrice Range2.1 Between USD150USD8002.2 Greater than USD8002.3 Less than USD150Screen Size3.1 Greater than 6 inches3.2 Between 5-6 inches3.3 Less than 5 inchesGeography 4.1 APAC4.2 Europe4.3 North America4.4 Middle East and Africa4.5 South America

1.1 Android-  The Android operating system, provided by Alphabet Inc. (Google,) is a widely adopted mobile operating system worldwide. With over 2.5 million apps available in the Google Play Store, users can download various applications according to their needs. Key features of Android OS include smart reply for messaging apps, focus mode options, Wi-Fi sharing via QR codes, and Google Assistant. Google offers free access to its search engine, Google Maps, YouTube, and other web services. The popularity of Android OS is evident as major smartphone vendors, such as Samsung Electronics Co. Ltd., Huawei Investment and Holding Co. Ltd., Xiaomi Corp., and BBK electronics (Oppo, VIVO, OnePlus, and Realme), have adopted it as their OS. In February 2023, Xiaomi, Realme, and OnePlus launched their new Android OS-based smartphones, the Xiaomi 13 and 13 Pro, Realme 10 Pro Coco-cola edition, and OnePlus 11 and 11R, respectively. These launches, along with the increasing demand for Android OS, are expected to boost the growth of the Android segment of the global smartphone market.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The smartphone market is experiencing a surge in growth, driven by improved telecom infrastructure and the availability of affordable handsets. Mobile phone users worldwide are embracing the latest 5G gadgets, powered by advanced 5G chips and 4G network technologies. Chipmakers are at the forefront of this revolution, supplying the hardware for these innovative devices. Mobile handsets now offer a wide range of internet-based facilities and digital functions, from web browsing and email to social media and messaging. Android and Windows Phone continue to dominate the operating system market, with third-party originators offering budget-centric product launches. The integration of Artificial Intelligence, 5G technology, and advanced camera capabilities is transforming the mobile experience, making it more convenient and enjoyable for users. Governmental assistance and the continued development of feature phones cater to the needs of the unconnected population. Overall, the smartphone market is an ever-evolving landscape of hardware and software capabilities, offering users a world of connectivity, entertainment, and productivity at their fingertips.

Market Research Overview

The smartphone market is experiencing significant growth with the advent of improved telecom infrastructure and the availability of affordable handsets. Mobile phone users are increasingly turning to 5G gadgets for high-speed data connectivity and integrated IoT applications. Chipmakers and laboratories are at the forefront of developing 5G chips and 5G network technologies to power these next-generation products. Handset design and functionality continue to be key considerations, with operating systems like Android and iOS leading the way. Application developers are creating innovative solutions for social media, mobile utility, and lifestyle applications, while C++ and Java remain popular programming languages. Budget documents and logistics networks are essential for the timely launch of budget-centric products. The premium segment is also seeing innovation with advanced features like AR technology, over-the-top platform subscriptions, and low-power consumption with fast charging capability. The telecom sector is also impacted by customs duties, emissions regulations, and component shortages, particularly for semiconductor components. Mobile phones are increasingly being used for various applications, from automobiles and fleet management to healthcare devices and infrastructure security systems. Mobile sensors and human-computer interaction are also areas of focus for technology market growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TechnologyAndroidIOSOthersPrice RangeBetween USD150USD800Greater Than USD800Less Than USD150Screen SizeGreater Than 6 InchesBetween 5-6 InchesLess Than 5 InchesGeographyAPACEuropeNorth AmericaMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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The Estonian Cleantech Association Highlights Key Industry Trends for 2025

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Details key trends impacting cleantech industries and shaping environmental regulations, regional policies, business innovation, and growth opportunities in the U.S. market and globally.

TALLINN, Estonia and NEW YORK, Jan. 6, 2025 /PRNewswire-PRWeb/ — The Estonian Cleantech Association today highlighted key trends impacting the cleantech industries and shaping environmental regulations, regional policies, business innovation, and growth opportunities in the U.S. market and globally.

“We are seeing increased interest from our members in entering the U.S. market, particularly in sectors such as renewable energy, energy storage, and circular economy solutions,” Kädi Ristkok, CEO, The Estonian Cleantech Association. “

“The U.S. market, while complex, offers immense potential for Estonian cleantech companies,” said Kädi Ristkok, CEO, The Estonian Cleantech Association. “We are seeing increased interest from our members in entering the U.S. market, particularly in sectors such as renewable energy, energy storage, and circular economy solutions.”

Key trends identified by The Estonian Cleantech Association include:

Growing Demand for Energy Independence and Resilience: The U.S. prioritizes domestic energy production and reducing reliance on foreign supply chains. This creates a strong demand for innovative technologies such as renewable energy generation, grid modernization, energy efficiency, and demand management solutions from Estonian companies like GriRaven, Fusebox, Futugrid, Bisly, and R8 Technologies.Focus on Data Center Efficiency: The rapid growth of the data center industry in the U.S. presents significant opportunities for solutions specializing in energy-efficient cooling solutions. Estonian companies like Greenergy Data Centers are developing cutting-edge solutions such as advanced cooling technologies, which are crucial for reducing operational costs and meeting sustainability goals.Advancements in Storage Technology: The electrification of transportation and the increasing demand for energy storage solutions are driving innovation for technologies like supercapacitors, hydrogen electrolyzers, and generators. Estonian companies developing advanced storage and battery materials and technologies like Galtech technologies, Skeleton Technologies, Elcogen, Stargate Hydrogen, Zero Terrain and PowerUp are well-positioned to deliver solutions for this growing market.Emphasis on Supply Chain Security: The U.S. government actively seeks to diversify its supply chains and reduce reliance on critical imports. Estonian companies like UpCatalyst offer solutions for vital raw materials and advanced manufacturing can play a crucial role in strengthening U.S. supply chains.

Estonia is known as the “Unicorn Nation,” boasting the highest number of unicorn companies per capita. Estonia is widely recognized as the world’s most advanced digital society. New businesses can establish a company in just 15 minutes and file taxes in three minutes. This digitally advanced ecosystem has accelerated innovation and growth for Estonian companies, supporting exporting products and services to over 120 countries worldwide.

The Estonian Cleantech Association is a business association representing the interests of clean technology companies. The association unites and represents cleantech companies engaged in the development, commercialization, usage, financing, and other ways of supporting products, services, and processes that have a positive impact on the environment and climate.

For more information on The Estonian Cleantech Association, visit https://www.cleantechestonia.ee/ and contact them at info@cleantechestonia.ee.

For media inquiries, contact Carol Hickins, U.S. Public Relations for Trade Estonia at press.usa@eis.ee.

This project is funded by the European Union – NextGenerationEU.

Trade Estonia

Trade Estonia is part of Enterprise Estonia. As a state organization, Trade Estonia helps Estonian companies to establish themselves in international markets. With a focus on future technologies and pioneering projects, Trade Estonia provides Estonian companies access to market analysis and marketing strategies. It creates the conditions for them to operate successfully on a global scale. Trade Estonia not only promotes the development of new business areas and the establishment of strategic partnerships but also facilitates access to international networks, thus contributing to the global competitiveness of Estonian companies.

Media Contact

Carol Hickins, Trade Estonia, 1 6463453954, press.usa@eis.ee, https://tradewithestonia.com/ 

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SOURCE Trade Estonia

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Trojan Battery Celebrates 100 Years of Innovation, Leadership, and Powering the Future

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SANTA FE SPRINGS, Calif., Jan. 6, 2025 /PRNewswire/ —  Trojan Battery, a global leader in deep-cycle battery and lithium-ion technology, proudly marks its 100-year anniversary. Founded in 1925, Trojan has revolutionized industries worldwide with innovative battery solutions, from golf cars to renewable energy systems. Today, the company celebrates a century of milestones, reflecting on its rich legacy and looking toward the future of energy storage.

Trojan Battery revolutionized industries worldwide with innovative battery solutions and now celebrates 100 years.

About Trojan Battery
Since its inception, Trojan Battery has been at the forefront of power innovation. The company’s mission is simple: to deliver reliable, high-performance energy storage solutions that have empowered equipment across multiple industries. Trojan’s deep-rooted values of innovation, quality, and sustainability have remained steadfast over the decades. From pioneering deep-cycle technology to leading advancements in lithium-ion batteries, Trojan continues to shape the future of power.

Key Milestones and Achievements
Trojan Battery’s journey is one of continuous innovation:

1925: Founded by George Godber and Carl Speer, Trojan started as a small automotive battery repair shop.1952: Pioneered the first deep-cycle golf car battery, which transformed the electric golf car industry.1980s: Launched Maxguard® Advanced Design Separator, improving battery life and performance, solidifying Trojan as a leader in the golf car market.1992: Established the Santa Fe Springs Technology Center, a hub for groundbreaking R&D, which has fueled Trojan’s innovations for decades.2018 Trojan Battery Company joined C&D Technologies to become the leading global manufacturer of high-performance batteries for Stationary and Motive markets.2023: Launched Award Winning maintenance free AES AGM batteries delivering consistent, unrivaled high output and up to 3x the cycle life of standard AGM batteries.2023: Launched Trojan Lithium 24V, 48V GC2 batteries allowing customers to go farther and charge faster, with no maintenance.2024: Debuted the Lithium OnePack™ 48V battery, offering up to a 60-mile range on a single charge, revolutionizing the performance of golf cars and utility fleets.

Driving Industry Leadership
Trojan Battery’s ability to adapt and innovate has been its greatest strength. The introduction of the GC2 48V Lithium-ion batteries and AES AGM batteries, offering three times the cycle life of traditional models, exemplifies the company’s forward-thinking approach. Trojan’s batteries power 98% of the top golf courses in the U.S., a testament to the reliability and quality the company is known for.

This dedication to excellence has garnered Trojan Battery numerous accolades, including the 2023 Gold LLEAP (Leadership in Lift Equipment and Access Platforms) Award, Rental’s 2023 Editor’s Choice Award, and FacilitiesNet’s Vision Award for Power & Renewable Energy. In 2024, Trojan’s AES AGM batteries were named Product of the Year by the IAPA (International Awards for Powered Access) and won the ISSA Show North America Innovation Award, further cementing Trojan’s leadership in innovation.

Trojan Battery’s commitment to sustainability extends across its product design, recycling practices, and manufacturing processes. In battery design, Trojan incorporates 80% reclaimed materials in new lead-acid batteries, while high-quality materials and proprietary technologies ensure extended battery life, reducing the need for replacements. Trojan’s lead-acid batteries are 99% recyclable, and the company provides convenient, safe recycling options for customers, reflecting its dedication to environmental responsibility. In manufacturing, Trojan consistently invests in innovations and upgrades to minimize its carbon footprint, including a continual reduction of CO₂ emissions per unit produced. These efforts reflect Trojan’s holistic approach to sustainability, ensuring its products and practices contribute to a more sustainable future.

Trojan Battery’s extensive global network of distributors, sales offices, and manufacturing facilities positions the company as a worldwide leader in battery solutions. A network of more than 600 dealers and locations spanning the globe allows Trojan to respond quickly and efficiently to customer needs, providing local support and service no matter where its customers are located. From North America to Asia, Trojan Battery Company provides customers with high-quality products and reliable support they can count on.

“Trojan Battery’s legacy is one of constant evolution and innovation. We’ve come a long way since our humble beginnings and we are extremely proud to be recognized as the leader in energy solutions,” said Rick Heller, CEO of Trojan Battery. “As we celebrate this milestone, we look forward to charging into the next century with the same passion, quality, and commitment to excellence.”

Looking to the Future
Trojan Battery hasn’t stopped at 100 years. The company is committed to furthering its R&D initiatives, focusing on increasing energy density, extending cycle life, and leveraging artificial intelligence for smarter battery management. As the world shifts towards renewable energy, Trojan will continue to innovate, ensuring a more sustainable and empowered future.

For more information, visit www.trojanbattery.com.

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SOURCE Trojan Battery

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CobbleStone® Enters Partnership With SupplyRLink, LLC, Boosting CLM Offerings

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CobbleStone Software has entered into a Reseller and Services partnership with SupplyRLink, LLC, to strengthen its contract management and eProcurement software solutions offering.

PRINCETON, N.J., Jan. 6, 2025 /PRNewswire-PRWeb/ — CobbleStone Software – a recognized Leader in contract lifecycle management (CLM) according to the SPARK Matrix™ Report – is proud to announce that it has entered into a strategic Reseller and Services partnership with SupplyRLink, LLC – an esteemed provider of innovative supply chain optimization solutions. SupplyRLink will expand CobbleStone’s offering of the latter’s industry-leading contract management and eProcurement software solution to organizations seeking to streamline contract and supply chain operations and processes.

SupplyRLink’s expertise in supply chain management makes them an ideal collaborator to bring CobbleStone’s award-winning solutions to a broad pool of organizations in need of a powerfully integrated and centralized experience.” – Mark Nastasi, Executive VP & Founder of CobbleStone

The partnership enables SupplyRLink to provide CobbleStone’s comprehensive suite of CLM solutions, eProcurement tools, and supply chain management features to organizations that need a powerfully integrated solution. As a CobbleStone Reseller, SupplyRLink is equipped to help its clients in procurement, supply chain, and vendor management with the power of CobbleStone operationally efficient and compliance-driven solution.

As a CobbleStone Services Partner, SupplyRLink will facilitate expert consulting and support, and help organizations optimize contract management and supplier relationships.

The partnership is expected to further strengthen CobbleStone Software’s reach to organizations in manufacturing, logistics, and procurement while empowering SupplyRLink clients to achieve better outcomes in contract negotiations and lifecycles.

Click here to learn more about CobbleStone Contract Insight.

Click here to learn more about SupplyRLink.

“We are thrilled to welcome SupplyRLink as a services partner and reseller of CobbleStone Software,” said Mark Nastasi, Executive Vice President & Founder of CobbleStone Software.

“Their expertise in supply chain management makes them an ideal collaborator to bring our award-winning CLM, procurement, and supplier management solutions to a broad pool of organizations in need of a powerfully integrated and centralized experience.”

Contact CobbleStone Software for a free demo.

For more information, email Sales@CobbleStoneSoftware.com or call 866-330-0056.

About CobbleStone Software:

CobbleStone Software is a celebrated leader in contract management software solutions whose flagship CLM software solution – CobbleStone Contract Insight – expedites contract management, vendor management, eProcurement, and eSourcing processes while offering seamless integrations, ease-of-use, and high scalability. CobbleStone’s contract lifecycle management solutions provide simplified contract and vendor tracking, highly configurable email alerts, user-friendly calendar notifications, intelligent contract workflow automation, highly robust security options, streamlined authoring of contract templates with dynamic clauses, centralized revenue/cost management, detailed text indexing and searching, future-minded vendor/client ratings, robust document version control, custom contract management reports, speedy IntelliSign® electronic signatures, more intelligent contracts with VISDOM® artificial intelligence and machine learning, and more.

Follow CobbleStone Software on social media:

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To stay up to date on contract lifecycle management industry trends and news, subscribe to CobbleStone’s Contract Insights blog.

Media Contact

Sean Heck, CobbleStone Software, 866-330-0056, Marketing@CobbleStoneSoftware.com, https://www.cobblestonesoftware.com/

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SOURCE CobbleStone Software

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