South korea Smartphone Market – Industry Analysis, Forecasts and Opportunity Assessment (2016-2023)
Report on South korea Smartphone Market – Industry Analysis, Forecasts and Opportunity Assessment (2016-2023)
Introduction to South korea Smartphone Market
The smartphone market is expecting a fall in the retail volumes during the forecasted period of 5 years. The smartphones are less likely to stay retained and are more likely to get changed within 2 years. Because of the lackluster reception of flagship smartphones like LG G7, firms now believe that affordable smartphones are the next thing, and will eliminate the stagnant behavior of the market. A list companies like LG are claiming to have a rugged long term strategy of comeback.
Rise in the usage of smartphones
The preferences have changed. Notches and slim bezels are the most preferred design element in a smartphone nowadays. The market-share of smartphones having more than 5.5 inches of screen size is increasing and this trend suggests that the upcoming time will witness the affordable smartphones having up to 7 inches of screen real-estate. Features like dual sim capability and contract-less availability has enabled consumers on a large scale to use smartphones on a large basis of time.
Offline vs online retails
Internet retailing has taken things into pace. Along with the electronics retailing and appliance retailing chains, it has increased the distribution share of smartphone market. Cheap prices on online platforms are the major reason of consumers preferring the purchase there. As a result, the share of offline retails has slowly declined. But still one can find the offline sector to be dominant in the market space, because of its ease of access.
Samsung’s stay at peak spot
The volume terms have seen Samsung becoming the market leader in 2018. Only reason being, the firm provides a wide range of products, from feature phones to flagship smartphones. The company introduced Samsung Galaxy S9, its flagship smartphone with advanced features such as Super Slow Motion video recording, Variable Aperture enabled camera lens (applicable to only the S9 + model), but because of the high price S9 is charging, the demand for the phone thus is weak. On the other hand, S8, another model from Samsung and 2017’s flagship, is attracting a lot of traffic originally meant for S9, simply because of small differences and a huge price variation. Also, Samsung also makes phones in J and A series for affordable segment.
Battle between Apple and LG
Closing times saw LG to retain the second spot, followed by Apple at third place, in terms of sales volume. But the difference between LG and Apple was not that eyebrow-raising. LG’s G7, though sold enough, wasn’t able to generate any buzz in the space. On the other hand, Apple had its iphone X, which was popular, but with its higher price tag, helped consumers shift their focus toward 8 and 8 plus, which were also released at the same time. Thus, the combined sales figure rose to a great extent for Apple, keeping its toes up with LG in the game.
What does the current scene say?
The increase in the sales figure of foreign companies like Apple and Huawei has clearly indicated that the market space contains a lot of areas of opportunities. Since the foreign brands had increased sales, the domestic sales have witnessed a decline in numbers. Chinese firms in particular have shown strong growth, but are faced with various difficulties such as low awareness of brand, shortage of service outlets, and radio wavelength segmentation. The base that the dominant brands have created has so far prevented the upside-down shifting of market space, but the low pricing and aggressive market approach has made a clear path of possibilities and opportunities.
Key players in the market are Samsung, Apple and LG.
The report contains a comprehensive analysis on:
- South Korea Smartphone Market Segments
- South Korea Smartphone Market Drivers, Restraints and Opportunities
- South Korea Smartphone Market Size & Forecast 2016 to 2023
- Supply & Demand Value Chain
- South Korea 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, macroeconomic factors, and other qualitative and quantitative insights. The impact of all such factors is 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