Recently released figures suggest 2015 will be a record-breaking year for the smartphone. According to market research company GfK, global sales hit $96 billion in Q1 - an 8% year-on-year increase.
The market has never witnessed such a successful quarter. The number of units sold went up by 7%, to 309.7 million (from 290.1 million in the first quarter of 2014). The lion’s share of that growth comes from Middle Eastern and African markets, but strong growth in North America continues to drive revenues.
Outside the USA, there has been a slowing of growth in other mature markets such as China and Japan - though analysts predict this is a temporary hiccup rather than a new trend. As more consumers make the transition from 3G to 4G, developed Asian markets are expected to fuel a resurgence in regional sales.
Much of the ground made can be attributed to a combination of 4G and large-screen adoption, but low-end smartphones have also experienced an upsurge, increasing their market share from 52% in the previous quarter, to 56% in Q1 of 2015. Mid-range devices remained stable and price erosion in emerging markets has seen high-end models (retailing at $500+) take a tumble.
What are we to make of these figures? According to GfK, global smartphone demand is predicted to grow by at least 10% year-on-year for the remainder of 2015. Asia - and in particular India and Indonesia - is forecast to be the primary growth area, as the economies are strong but smartphone penetration is still relatively low.