Market Insights Consumer Consumer Electronics Telephony

Smartphones - China

China

In 2024, the revenue in the Smartphones market in China is projected to reach a staggering US$105.5bn.
This market is anticipated to grow at an annual rate of 5.58%, according to the compound annual growth rate (CAGR) from 2024 to 2028.
It is worth noting that in China generates the highest revenue globally, with the same amount mentioned earlier.
In terms of per capita figures, each individual in China is expected to generate revenues of US$73.63 in 2024.
Looking ahead, by 2028, the volume in the Smartphones market in China is forecasted to reach 0.4bn pieces units.
However, there might be a slight decline in volume growth in 2025, with a rate of -1.4%.
On an individual level, the average volume per person in the Smartphones market is expected to be 0.3pieces units in 2024.
China is leading the global smartphone market with its massive consumer base and the rise of domestic brands.

Key regions: Worldwide, Brazil, United Kingdom, Vietnam, United States

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Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on electronic and digital devices used privately either for entertainment (televisions, game consoles, smart speakers, etc.), communication (telephones, smartphones, etc.) or home-office activities (printers, copiers, etc.).

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Global Consumer Survey), as well as performance factors (e.g., user penetration, price per product, usage). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, number of internet users, smartphone penetration rate, household number and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting electronic products due to the non-linear growth of technology adoption and regular product upgrade. The main drivers are GDP per capita, consumer spending per capita, and 5G penetration rate.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). GCS data is reweighted for representativeness.