Smartphones - Puerto Rico | Statista Market Forecast

In 2024, the revenue in the Smartphones market of Puerto Rico is estimated to reach US$486.5m.
It is projected to have an annual growth rate of 0.32% (CAGR 2024-2029).
When compared globally, China generates the highest revenue in the Smartphones market, reaching US$105.5bn in 2024.
In terms of per person revenues, in Puerto Rico is expected to generate US$168.70 in 2024.
Looking ahead to 2029, the volume in the Smartphones market is anticipated to reach 1.1m pieces.
Furthermore, there is an expected volume growth of 1.1% in 2025.0.
The average volume per person in the Smartphones market of Puerto Rico is projected to be 0.4pieces in 2024.
"Smartphone adoption in Puerto Rico is soaring, driven by the demand for advanced features and the island's strong tech-savvy culture."

Definition:

Smartphones are mobile devices that combine the functionality of a computer with the ability to make phone calls. It typically features a touch screen display, a camera, internet connectivity, and a range of other features, such as GPS navigation, music playback, and the ability to run apps (short for applications). Smartphones run on operating systems like Android, iOS, and Windows, and offer a range of apps for productivity, games, social media, and entertainment. Some smartphones also have the ability to connect to other devices, such as laptops, tablets, and wearable devices, to share data and perform other tasks.

Additional Information:

The market comprises revenue, average revenue per capita, volume, average volume per capita and price. Figures are generated through both online and offline sales channels and include spending by consumers (B2C). Key players in the market are companies like Apple, Samsung, Xiaomi, and Huawei. These companies are leaders in their respective segments and are known for their innovative products, brand reputation, and extensive distribution networks. For more information on the data displayed, use the info button right next to the boxes.

Mobile phones with advanced operating systems such as iOS or Android
5G phones

Feature phones
Tablets and other larger devices with SIM card slots
Smartphone accessories sold separately (e.g., phone chargers, earphones)

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on electronic and digital devices used privately either for entertainment (televisions, game consoles, smart speakers, etc.), communication (telephones, smartphones, etc.) or home-office activities (printers, copiers, etc.).

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Global Consumer Survey), as well as performance factors (e.g., user penetration, price per product, usage). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, number of internet users, smartphone penetration rate, household number and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting electronic products due to the non-linear growth of technology adoption and regular product upgrade. The main drivers are GDP per capita, consumer spending per capita, and 5G penetration rate.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). GCS data is reweighted for representativeness.

Always in our pockets or in our hands, today it is almost impossible to imagine a life without smartphones. With the introduction of Apple’s iPhone in 2007, smartphones – mobile phones with more advanced computing capabilities and connectivity – revolutionized the mobile device industry. Manufacturers have quickly followed, offering consumers a wide range of smartphone brands and models. However, recent years have witnessed a stagnation of the smartphone market, with vendors trying to innovate it with new devices, including foldables and AI smartphones.