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US Smartphone Sales to Grow by Only 3% by 2028, 7x Less than in the Chinese Market

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By Jastra Kranjec

Updated May 13, 2024

After reaching record highs at the peak of the COVID-19 pandemic, US smartphone sales have been on an up-and-down trend, with the total sales revenue plunging by 10% and then rising by 15% year by year. The latest market forecast shows that 2024 will bring another decline, with total sales revenue plunging by $1.2 billion year-over-year. But even more worrying is that market projections for the following years remain weak.

According to data presented by Stocklytics.com, US smartphone sales are expected to grow by only 3% by 2028.

US Smartphone Sales to Grow 7x Slower than in China and 4x Slower than in Europe

The US smartphone market has undergone some significant changes over the past few years. Total sales have waned after the COVID-19 boom, with an uncertain economic outlook and lack of major new features leading consumers to stick with their existing devices. Also, the ongoing battle between iOS and Android has taken an unexpected twist, with the rate of iPhone activations in the United States, a key indicator of Apple’s market share, falling to 33% in Q1, the lowest figure in seven years. This drop shows a growing market share for Android devices, which now account for two out of every three new activations.

However, despite Americans choosing more affordable Android devices over iOS smartphones, total sales in the US market are still expected to continue falling. According to Statista market insights, the US market is forecasted to generate $60.8 billion in revenue in 2024, or $1.2 billion less than last year. In comparison, Chinese smartphone sales are expected to drop by $13.7 billion year-over-year, while the European market will see the smallest decline of only $600 million.

However, unlike China and Europe, the US market is expected to recover much slower in the following years. According to a Statista survey, Chinese smartphone sales will grow by 23% and hit $131 billion by 2028, up from $ 106 billion this year.  This means the Chinese market will grow seven times faster than the US market in the next for years. The European market will see four times bigger growth than the United States, with smartphone sales rising by 13% to $90.6 billion by 2028.

United States to Generate Only 10% of Global Smartphone Sales in 2028, 2% Less than this Year

The slowdown in US smartphone sales will also significantly reduce the country’s share in the global smartphone landscape. According to Statista, the United States will make up only 10% of global smartphone sales in 2028, or 2% less than this year.

Europe’s share in the global smartphone market will remain at 16%, while the Chinese market will see the most significant growth. Statistics show 24% of global smartphone sales in 2028 will come from China, up from 22% this year.

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Disclaimer: The information provided by Stocklytics is for general informational purposes only and should not be considered as investment advice. We make no representation regarding the completeness or accuracy of the data, and it should not be relied upon for investment decisions. Use of this tool is at your own risk, and we are not liable for any loss or damage arising from its use.