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New research by Counterpoint has uncovered some key insights about the revenue generated by the global smartphone market in 2021. As per the report, revenues surpassed $448 billion last year.
Counterpoint says the global smartphone market grew by 7% in 2021 compared to the previous year, despite challenges on multiple fronts – COVID-19 and the global chip crisis that affected numerous industries.
Meanwhile, the Average Selling Price or ASP of smartphones was up 12% YoY in 2021 to reach $322. This is due to the rise of 5G phones, with brands like OPPO, vivo, realme, and Xiaomi launching several devices targeting markets like Southeast Asia, India, Latin America, and Eastern Europe.
In 2021, 5G smartphones made up over 40% of the global smartphone shipments, up from 18% in 2020. The figure could go up significantly in 2022, given that almost every new smartphone features 5G support by default. Counterpoint said the global chip shortage has also driven manufacturers to increase the prices for mid-range and flagship devices.
Samsung enjoyed a decent 2021 thanks to its mid-range and high-end lineup, including foldables
2021 was quite lucrative for Samsung despite the innumerable challenges it faced. Its ASP rose 5% to $263 in 2021. Meanwhile, the company’s smartphone revenue shot up to $72 billion in 2021, signifying an 11% YoY increase compared to 2020. Another interesting note here is that Samsung managed to ship 3x more foldables in 2021 than it did the year before. So it’s clear that foldables are here to stay.
The figures from OPPO and OnePlus are combined, returning a 47% YoY revenue growth to reach $37 billion. Devices like the Reno 6 series, Find X3, and OnePlus 9 contributed to an increase in the shipments of devices in the $400-$599 and $600-$799 price ranges.
Fellow Chinese OEM Xiaomi witnessed a 49% YoY revenue increase in 2021 ($36 billion). India continues to be one of Xiaomi’s largest markets, with the region contributing to an increase in shipments of high-end and mid-tier phones. Vivo’s ASP shot up by 19% YoY in 2021 to touch $259, while the manufacturer’s revenue went up by 43% to reach $34 billion.
A Canalys report last month suggested that worldwide smartphone shipments reached pre-pandemic levels in 2021. Separate research by IDC reached a similar conclusion. Around 1.35 billion smartphones were shipped across the globe last year, a 7% YoY increase in shipments, as per Canalys.