Think about the year when smartphone sales declined, no one bought new smartphones, is this an alarm bell? It was really hard at first, but then there was a ray of hope! People are no less fanatical about their phone use; Instead, they are spending more on that behavior. Based on the most recent report published by TechInsights, this is only relevant for the Republic of South Korea, as many consumers spend most of their money on smartphones. As they are gaining a larger share of the market share with their trending phones like the Z foldable phone, Samsung is the only one who can realize it.
South Korea is going through ‘foldable fever’ which has sent the smartphone pricing pyramid in its country to the top. TechInsights notes that the Galaxy Z, which revolutionized the previously insignificant flexible smartphone market, is one of the most important factors in this growth. Furthermore, even better news is that this trend is predicted to remain stable until 2029, so this should mean that the future of Samsung’s foldable generations is quite positive. However, older models from the previous generation have also hit the market, increasing the average selling price of iPhones.
Although other countries may have a similar approach, not all countries take the same approach. Japan’s policy on phone subsidies has resulted in subsidy cuts, which has limited the annual growth of ASPs. It was not long ago that Japan was number 1 in terms of high smartphone prices, but by 2021, South Korea had overtaken it.
But, as if Britain is running behind the world. However, the increasing volume of iPhones, coupled with even faster upgrades, is predicted to give the UK a slight advantage this year and it will finish with the third-highest spend overall. But fear not America! The US has the potential to return to the podium with a bronze medal.
The smartphone market is making a comeback globally and the projected growth in consumer demand for these products is estimated to be around 3% by 2024. The three giants – China, India, and the US – are leading the smartphone sector. And they will account for almost half of global smartphone revenues through 2024. On the other hand, by selling fewer phones on average than others in India, Samsung is currently paving the way to interact with the majority of the population across the continent in Q1 2024. His presentations.
Abhilash Kumar, investment researcher at TechInsights, suggests that the coming year will see smartphone innovations such as rollable and foldable formats, which will increase sales as 5G spreads. As a result, the average selling price is assumed to increase in the following years. With innovation on the rise and customer spending on the rise, the future smartphone market looks generally positive for Samsung and it looks like it will be the foldable phone leader.
