GfK experts estimate that more than 1.37 billion smartphones will be sold globally, accounting for nearly half of the consumer budget for tech and durable goods this year – and generating a total turnover of €444 billion. However, GfK is monitoring closely for the impact of coronavirus on global supply chains and production capacities, which may well impact the market.
“Impressing the consumers with groundbreaking innovations has been a challenge in recent years. Especially when it comes to the market for smartphones” says Pavlin Lazarov, GfK expert for Telecom.
“The interaction with what is probably the most personal device has increased to such high levels and with it the expectation for its hardware and performance. One can say that premium and performance have now become the standard. Nevertheless, consumers are waiting with bated breath, for new models and flagships to hit the market, bearing in mind that four out of five smartphones sold in 2019 were launched in the same year. Exciting the consumers with the right value-for-money can be a successful strategy.”
Read our full Global Smartphone market 2020 press release on our GfK global press page
Download our Global Smartphone market 2020 infographic
The global trends analysis presented in the full press release is based on various GfK research methods such as point of sale tracking as well as consumer research in the Technical Consumer Goods market in 2019. All turnover figures in the press release are based on a fixed currency exchange rate.