INTELLIGENT BRANDS // Mobile Technology
Average smartphone price to jump by 15 % by 2029 – highest increase among all tech devices
Stats show five years of falling prices coming to an end as smartphones become more expensive than tablets . a new smartphone , or $ 287 , the average smartphone price in 2024 .
The average smartphone price has fluctuated significantly over the past five years , going from over $ 318 in 2021 to $ 287 in 2024 . While many welcomed this 10 % price drop , the following years are expected to bring just the opposite trend .
According to data presented by AltIndex . com , the average price per unit in the smartphone market is expected to jump by almost 15 % and hit over $ 328 in 2029 – the highest increase among all tech devices .
Today , smartphones use various advanced technologies to enhance performance , functionality and user experience . However , these tech innovations , including AI and machine learning and the introduction of more mid-range and premium models , come with a cost .
Since 2019 , the average price of Apple ’ s iPhone increased by approximately 23 % or $ 188 – reaching close to $ 1,000 in 2024 .
Android smartphones saw an even bigger increase in this period , with their prices rising by 29 % to an average of $ 335 – pitched as relatively modest compared to the premium pricing trends in the iPhone segment .
According to a Statista survey , most people will spend much less than that on buying
However , this figure will increase in the following years . Statista expects the average smartphone price to grow for five years in a row and hit over $ 328 in 2029 – 15 % more than this year . Thanks to this price jump , the largest among all tech devices , smartphones will become more expensive than tablets .
Statista expects the average price per unit in the tablets segment to grow by 3 % and reach $ 315 in 2019 – or $ 13 less than in the smartphone market . Laptops will see a 6.6 % price growth in this period , rising from $ 706 in 2024 to $ 753 in 2029 .
The average prices of digital cameras and VR headsets will remain unchanged while desktop PCs are the only devices with a projected price drop of 1 %.
Due to economic conditions , market saturation and shifts in consumer behavior , global smartphone sales are expected to drop by $ 12 billion year-over-year to $ 467 billion in 2024 .
However , with people spending an average of $ 40 more on a new device and the number of smartphone users rising , the revenue in the smartphone industry will increase significantly in the next five years .
Statista expects global smartphone revenue to grow by almost $ 100 billion and hit over $ 562 billion by 2029 .
One-quarter of that value – or $ 137 billion – will come from China , the world`s largest smartphone industry . The United States and India follow with an 11 % market share each and roughly $ 63 billion in smartphone sales revenue by 2029 . p
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