Smartphone Market in Latin America – Industry Analysis, Forecasts and Opportunity Assessment (2017-2023)
Report on Smartphone Market in Latin America – Industry Analysis, Forecasts and Opportunity Assessment (2017-2023)
Introduction to Smartphone Market in Latin America
In Latin America, the demand for smartphones are growing at a very fast pace. This might be accounted due to the growth of disposable income among the people, development of telecommunication infrastructure, and the drop in prices of smartphones which make them more affordable. From less than 10% of the mobile connections in 2012, smartphones currently account for about 60% of the connections. Technology upgrades, mainly in the field of high speed data connectivity will drive the growth of smartphones in the years to come. Latin American countries were slow to adopt 4G mobile connectivity, however, presently, with coverage to 70 percent of the population, mobile data consumption increased manifold, and with it, the demand for smartphones. Thus, this sector will be a key contributor to the region’s economy in the years to come.
The key driver for this industry is the growing demand for better connectivity. This demand is providing incentives for mobile network operators to invest heavily on network infrastructure. High speed data is fuelling the demand for smartphones, and multiple companies are competing for market share. This provides incentive for smartphone manufacturers to invest in R&D and provide cheaper and better smartphones, which in turn drives up the demand. The ecosystem, thus produced provides a platform for entrepreneurism. Both in the form of tech start-ups, as well as venture capital firms that provide financial support to them. Latin America’s tech start-up ecosystem is valued at US $37.7 billion.
The smart phone market can be segmented in many ways, depending on how the marketeers strategize to reach out to the customers. On the basis of affordability, budget smartphones have a higher acceptance in Latin America than premium smartphones. On the basis of technology used, there can be different segments, depending on operating system, processor, storage, etc. On the basis of screen size, segmentation is also done. Customer preferences also varies between high performance as a priority for some, to aesthetics and ease of use as a priority for others. For example, the introduction of bezel-less display created a new demand for itself. High performance smartphone users also prefer a long battery life due to their extensive use of the product; they don’t bother even if the smartphone gets bulkier. Further, with the increasing demand for better cameras in smartphones, quality of camera used in the smartphone also becomes a key factor to a certain segment of consumers.
Region-wise, the smartphone industry is divided into North America, Europe, Asia-Pacific and Latin America. Among the countries in Latin America, Chile leads the smartphone industry in terms of percentage market penetration (60.4%), followed by Argentina (53%). However, in terms of number of smartphone users in the country, Brazil leads the race. Colombia and Peru are also in the leading smartphone markets of Latin America.
Samsung in the most dominant smartphone manufacturer in Latin America, with a market share of 49%. The other dominant players in the smartphone market in Latin America are:
Apart from that, there are numerous local players and start-ups which have a substantial combined market share.
The report contains comprehensive analysis on:
- Smartphone Market Segments
- Smartphone Market Drivers, Restraints and Opportunities in Latin America
- Latin America Smartphone Market Size & Forecast 2016 to 2022
- Supply & Demand Value Chain
- Latin America Smartphone Market Current Trends
- Competition & Major Companies
- Technology and R&D Status
- Porters Five Force Analysis
- Strategic and Critical Success Factor Analysis of Key Players
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides in-depth market segmentation that is derived from extensive product mapping exercises, macro-economic factors and other qualitative and quantitative insights. The impact of all such factors are delivered across multiple market segments and geographies.
- Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
- Consumer and Pricing Analysis
- Market dynamics of the industry
- In-depth Market Segmentation
- Historical and Projected Market Sizing in terms of volume and value
- Recent market trends and Impact Factors
- R&D Status and Technology Overview
- Extensive Industry Structure Coverage