In a new report, we find out that smartphone manufacturers earned a total of $448 billion in revenues for 2021, which is a 7% YoY increase compared to 2020. The average smartphone selling price grew 12% to reach $322, which is largely thanks to the great demand for 5G devices.
The latest Counterpoint Research report shows us that 40% of all smartphones shipped in 2021 were 5G capable, compared to 18% in 2020. The demand for mid-range and premium smartphone devices grew due to the pandemic and more people working and studying at home. The report also confirms that smartphone vendors had to increase the retail prices for some of the entry and mid-tier smartphones due to the global shortages.
Counterpoint Research- Smartphone market revenue by top 5 brands 2017-2021 (in $ billions)
Source: Counterpoint Research
When it comes to revenues, the king of the smartphone market was topped off by Apple with a 35% increase year-over-year to $196 billion in 2021. Apple captured 44% of the global smartphone revenue in 2021, which was largely thanks to its iPhone 12 and iPhone 13 series of smartphones. The second on the list is Samsung, with 11% YoY and $72 billion in 2021, compared to $64 billion in 2020. The average selling price (ASP) for the devices grew by 5% to $263, and the introduction of the new foldable smartphones helped the company reach new highs.
Xiaomi managed to increase its revenues by 49% YoY, and it reached $36 billion, compared to $24 billion in 2020. OPPO also saw an increase of 47% to $37 billion, and its ASP grew by 15% to $259 in 2021. The company introduced several new devices, and teamed up with OnePlus to cut down on costs and development to create new smartphones together. Vivo (a subsidiary of the BBK group which also owns OPPO) also managed to increase its revenues by 43% to $34 billion, and it’s now the fifth-largest smartphone vendor in 2021 both in terms of revenue and shipments.