The global smartphone market is set to hit a record high of 1.37 billion units in 2021, growing at 7.4 per cent year-on-year, according to the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker report.
This will be followed by 3.4 per cent growth in 2022 and 2023, respectively, it said.
The report notes that the market has been experiencing strong consumer demand with a 13.8 per cent growth from iOS devices combined with 6.2 per cent growth from Android.
The top markets for 5G phones in the world are China with a 47.1 per cent market share, followed by the US at 16 per cent, India at 6.1 per cent, and Japan at 4.1 per cent.
Demand for 5G phones has been steadily rising and according to IDC, 5G sales are expected to make up more than half of all smartphone shipments globally by the end of 2022.
The average selling price of a 5G smartphone is projected to increase to $634 (KSh 69,772 ) this year, from $632 (KSh 69,552) in 2020.
“Despite the ongoing issues surrounding the pandemic and the Delta variant, consumers are continuing to upgrade to more premium smartphones this year,” said Anthony Scarsella, research director, Mobile Phones at IDC.