Global Smartphone Wholesale Revenue: 5-Year Growth Projection

In 2023, global smartphone sell-through wholesale ASP hit a historic high, signaling robust revenue growth potential until 2029, as outlined in TechInsights' "Smartphone Revenues and ASP Forecasts by 88 Countries" report. Among the 88 countries tracked, 17 are projected to reach their peak smartphone sales ASP in 2024, with tech-forward nations like South Korea, the UK, Australia, New Zealand, and Singapore leading the charge.

Global Smartphone Wholesale ASP By Top-5

South Korea, Japan, and the UK are positioned as the top-three smartphone markets in ASP terms for 2024. Factors such as the rapid adoption of Samsung's premium foldable models and steady iPhone price increases are driving South Korea's ASP surge. However, regulatory constraints on smartphone subsidies in Japan and sluggish sales of high-end Sony devices are tempering ASP growth. Forecasts indicate that the UK will outpace the US for the third spot in 2024, buoyed by rising iPhone adoption and an accelerated smartphone upgrade cycle.

Looking ahead, China, the US, and India are forecasted to dominate global smartphone revenue, contributing nearly half of the total revenue by 2024. Despite ranking 71st in ASP, India ranks third in revenue due to its expansive market volume and untapped opportunities. With over 1.3 billion people, India offers a lucrative landscape for smartphone vendors to tap into diverse consumer segments and upgrade cycles. The projected 3% YoY growth in global smartphone wholesale revenue for 2024, driven by sales volume, underscores the industry's resilience amidst evolving technological trends.