Smartphone Revenue in China Increasing Nearly 50% Annually
Revenue for the smartphone manufacturing industry in China has been increasing at an average annual rate of 48.8% in the past five years, according to a new report from IBISWorld. In 2013, revenue is expected to reach $55.2 billion, mainly driven by increased exports and growing domestic demand for second- and third-generation (3G) smartphones.
With the rapid development of 3G technology, the growing smartphone product portfolio, and competitive product pricing, demand for the phones has been rising strongly. Production of smartphones has increased from 1.3 million sets in 2003 to an estimated 315.6 million sets in 2013.