Dubai: In a decade consumers worldwide have spent over $4.6 trillion on smartphones, according to AltIndex.com, surpassing the GDP of some of the world's largest economies like Germany and Japan. Over the same period, global smartphone shipments totaled approximately 14 billion units.
Despite a $13 billion decline in sales due to consumer spending cuts, component shortages, and longer replacement cycles, the total expenditure on new smartphones over the past ten years has soared leading to significant growth over the past ten years. Since 2014, annual spending on smartphones has surged by 43%
Affordable high-specification phones have driven sales, particularly in emerging markets. Major players like Apple and Samsung have maintained their competitive edge with new releases and updates, while Chinese manufacturers such as Xiaomi, Oppo, and Vivo have also gained a substantial share of the market.
Peak years and future projections
The years 2021 and 2023 were the highest for smartphone sales revenue, with $481.2 billion and $479 billion, respectively. Despite a projected drop to $467 billion in 2024, the figure still represents a significant increase compared to 2014.
Asians lead global smartphone spending, accounting for nearly 50% of the total sales. In 2024, the region is expected to spend $231 billion on smartphones, significantly more than Europe and North America combined.
Europeans will spend $79 billion, while North Americans will spend $74 billion.
Future spending expectations
The impressive $4.6 trillion spent on smartphones over the past decade is expected to grow substantially. Statista forecasts that global smartphone spending will reach an additional $2.6 trillion by 2029, representing nearly 60% of the spending reported between 2014 and 2024.
Annual spending is anticipated to rise by 16% over the next five years, with projections showing an increase from $467 billion in 2024 to over $542 billion by 2028.