The cost of the new Samsung Galaxy Flip and Fold six are up on previous models, with Apple tipped to lift the price “significantly” of their new iPhones in September, now it’s been revealed that smartphone manufacturers across the board are set to lift prices over 15% during the next few years.
New data has emerged that reveals that the average smartphone price in 2022 was sub-A$350, research group Statista now expects the average price per unit to jump nearly 15% to over A$500 in 2029, which would make it the highest increase among all tech devices.
They also claim that smartphones are set to become more expensive than tablets with new models set to include including AI and machine learning.
Also tipped are more mid-range and premium models, hosting new features driven by AI.
Since 2019, the average price of Apple`s iPhone increased by approximately 23% or $488, reaching close to A$1,550 this year.
Android smartphones saw an even bigger increase in this period, with their prices rising by 29% to an average of A506 which is still relatively modest compared to the premium pricing trends in the iPhone segment claims researchers.
The new Statista survey suggests that most people will spend much less than that on buying a new smartphone with brands such as HMD, and Motorola now selling sub $300 smartphones.
Statista expects the average smartphone price to grow for five years in a row and hit over $550 in 2029, 15% more than this year.
Statista expects the average price per unit in the tablets segment to grow by 3% which is significantly less than less than in the smartphone market.
Laptops will see a 6.6% price growth in this period.
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 behaviour, global smartphone sales are expected to drop by US$12 billion year-over-year to US$467 billion in 2024.
Statista expects global smartphone revenue to grow by almost US$100 billion and hit over US$562 billion by 2029.
One-quarter of that value, or US$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.
