The global smartphone market grew in 2021, and Apple rode the wave with a large share of the revenue. Data gathered by market intelligence firm Counterpoint Research shows that the Cupertino giant’s revenue grew 14 percent year-on-year (YoY), primarily thanks to the iPhone 13’s popularity.
The report shows that the global smartphone market clocked $448 billion in revenue in 2021, up by 7 percent from the $382 billion raked in through 2020. Interestingly, Apple accounted for a whopping 44 percent of the revenue, although only 17 percent of the smartphones sold globally were iPhones. The company’s average selling price also recorded a 14 percent uptick. It was pegged at $825 for the year, thanks to the popularity of the iPhone 12 and iPhone 13 models.
Notably, Apple successfully increased its market share in emerging and competitive south-east Asian markets such as India, Thailand, and Vietnam. The company’s revenue increased 35 percent YoY to $196 billion in 2021, up from $146 billion in 2020. The report notes that of all the devices sold in 2021, 40 percent were 5G ready, including the iPhone 13 and iPhone 12. This statistic was up from the measly 18 percent last year.
Samsung trailed in the wake of Apple’s significant market dominance. It accounted for $72 billion of the $448 billion revenue the industry generated, recording an 11 percent Yoy increase in the process. Its average selling price recorded a 5 percent hike to $263 in 2021 but remains substantially lower than Apple’s. The research firm attributed Samsung’s growth to its foldable 5G smartphones.[Via Counterpoint Research]