The smartphone industry has faced numerous challenges in recent years, including fluctuating global demand, consumer spending cuts, component shortages, inventory issues, and longer replacement cycles. These factors have contributed to a significant $13 billion drop in sales. Despite these difficulties and the struggle to maintain the growth rates seen in 2021, the total expenditure on smartphones over the past decade has reached remarkable levels.
Data from AltIndex reveals that consumers globally have spent over $4.6 trillion on smartphones in the last ten years.
Annual Smartphone Spending Has Increased by 43% Since 2014
Consumer spending on smartphones has surged over the years. Major brands like Apple and Samsung have consistently kept their offerings competitive through frequent updates and new releases. Chinese manufacturers such as Xiaomi, Oppo, and Vivo have also made notable advancements, capturing a significant portion of the global market.
The availability of high-specification phones at more affordable prices has driven sales, particularly in emerging markets, pushing the ten-year sales figure to impressive heights.
According to data from Statista and Counterpoint Research, global smartphone spending from 2014 to 2024 totaled approximately $4.61 trillion. This amount exceeds the GDP of some of the world’s largest economies, such as Germany and Japan, and is double that of Canada, France, or Italy. During this period, global smartphone shipments reached an astounding 14 billion units.
The years 2021 and 2023 saw the highest revenue from smartphone sales, generating $481.2 billion and $479 billion, respectively. Although 2024 is projected to see a decrease in revenue to about $467 billion—a $13 billion drop from previous highs—it still marks a significant increase compared to 2014. Spending on smartphones has grown by 43%, or $140 billion, over the past decade.
In a global context, Asia remains the largest spender on smartphones, accounting for nearly 50% of global sales. This trend is expected to continue due to the region’s large population. In 2024, Asians are forecasted to spend $231 billion on smartphones, nearly $100 billion more than the combined spending of Europeans and North Americans. Europeans are expected to spend $79 billion, while North Americans will spend $74 billion.
Consumers Expected to Spend an Additional $2.6 Trillion on Smartphones by 2029
The impressive $4.6 trillion spent over the past decade is set to increase significantly in the coming years. Statista forecasts that global smartphone spending will reach an additional $2.6 trillion by 2029, representing nearly 60% of the total spent from 2014 to 2024.
Annual spending is also projected to see substantial growth, with a 16% increase or $57 billion expected over the next five years. In 2024, global spending on smartphones is anticipated to be $467 billion, and by 2028, it is expected to exceed $542 billion.
