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Chinese smartphone manufacturers like Huawei, Xiaomi, and Oppo are known for their aggressive pricing, offering high-specification phones at lower prices, which makes them especially attractive in emerging markets where cost is a significant factor. However, that might change in the following years, with the average price of Chinese smartphones seeing a double-digit growth.
RELATED: US smartphone sales to grow by only 3% by 2028, 7x less than in China
According to data presented by Stocklytics.com, the average price of Chinese smartphones is expected to jump by almost 40% by the end of a decade, three times more than the price growth in the global smartphone market.
Price Gap Between US & Chinese Smartphones Narrows; Average Price of Chinese Devices to Hit $380 by 2029
While Samsung and Apple dominate the smartphone market, their Chinese rivals Xiaomi, Oppo, and Vivo have made significant strides over the years, now capturing a substantial share of global smartphone sales. The three smartphone vendors collectively shipped over 180 million units in the first half of 2024, or 14% more than in the same period last year.
One of the biggest drivers of their surging sales is the price availability, which has drawn millions of users over the years, both in China and internationally. However, according to Statista Market Insights survey, the time of much more affordable Chinese smartphones is ending, with their price increasing by a massive two-digit percentage in the next five years.
Statistics show the average price per unit in the Chinese smartphone market has actually decreased by 12% in the past six years, falling from $310 in 2018 to $270 this year. The US market saw just the opposite, with the average smartphone price rising by 13% to $430 in this period. That is four times more than the 3% price growth in the global market in the past six years.
However, Statista expects the price gap between the US and Chinese markets to narrow in the next five years. According to Statista, the average price per unit in the Chinese smartphone market will jump by 40% and hit $380 by 2029. Moreover, that means the Chinese market will see a three times higher price jump than the global market and ten times higher than the US market. The average smartphone price in the global market will jump by 13% and hit $330 in the next five years. The US market follows with a 4% price increase and an average price per unit of $450 by 2029.
Chinese Smartphone Sales to Grow 7x Faster than in the United States
The surging popularity of Chinese smartphones worldwide and a massive 40% average price jump will help the Chinese sales revenue grow much faster than in the United States. According to Statista, the Chinese smartphone industry is expected to gross $105.5 billion in 2024. This figure will grow by 30% and hit $137.4 billion by 2029.
On the other hand, the US market is forecasted to see seven times smaller growth, with the smartphone sales revenue increasing by only 4% to $63.5 billion in this period. In comparison, global smartphone sales are projected to grow by 20% and hit $562 billion by the end of a decade.
Statistics also show China will generate one-fifth of global smartphone sales by 2029, 2% more than this year. In contrast, the US market share will shrink from 13% to 11% in the next five years.
The full story and statistics can be found here:Â Â https://stocklytics.com/content/the-price-of-chinese-smartphones-to-jump-by-40-by-2029-3x-more-than-the-market-average/
