The Smartphone Market in the United States

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Table of Contents

Introduction
Literature Review
Economic and Empirical Analysis
Conclusion
References

Introduction

The United States smartphone market has grown significantly over the years, resulting in an important effect on the economy of the country. Technological advancement is attributed to driving the growth of the smartphone market, including but not limited to larger screens, better photography capabilities, and longer battery life. The goal of this essay is to examine smartphone sales in the US and their impact on the economy.

Literature Review

Several researchers have studied the smartphone industry’s impact on the US economy. According to Statista, the total revenue generated from smartphone sales in the US in 2020 was $77.5 billion, and it is expected to reach $82.8 billion by 2023 (Fan & Yang, 2020). The increasing demand for smartphones has led to the creation of many job opportunities in the tech industry, such as software development, hardware manufacturing, and mobile app development (Fan & Yang, 2020). Furthermore, it has also contributed significantly to the growth of e-commerce, social media, and mobile advertising.

According to a 2020 analysis by Deloitte, the smartphone market has grown to be a significant part of the US economy. According to the study, the sector contributed an estimated $1.4 trillion, or 5.5%, of the nation’s gross domestic product (GDP) in 2019 (Mu & Zhang, 2021). The study also revealed that the sector supports over 4 million employments nationwide, with a total estimated economic value of $475 billion (Mu & Zhang, 2021). The industry’s influence on the economy is projected to grow even more as a result of ongoing technical development and customer demand. The rising adoption rates among consumers are proof that there is a rising need for cellphones.

Economic and Empirical Analysis

Demand and supply study of the smartphone market in the United States might reveal important market insights. The demand for smartphones is influenced by a variety of factors, including customer preferences, income, price, and availability. The demand for smartphones is directly impacted by income levels, with higher income groups often purchasing more expensive smartphones (Makov et al., 2018). Demand is greatly influenced by price, as people are less inclined to buy cellphones if they are too expensive (Makov et al., 2018). The availability of cellphones is also a significant determinant of demand, with customers generally favoring shopping at retailers who provide a broad selection of devices at reasonable pricing.

Cellphone supply is influenced by a variety of factors, including competition, production costs, and technical advancements. As consumer expectations evolve, technological advancements are crucial to the supply of telephones. This makes it possible for companies to match consumer demand by manufacturing more sophisticated phones. The cost of production is a significant factor that affects the supply of cellphones. The manufacturing cost of a product must be considered in the final selling price. A further factor affecting the availability of cellphones is the fierce competition that exists among technical firms (Khan, 2021). If businesses wish to compete in the market, they must constantly create and offer unique features that set their products apart from competitors.

Conclusion

Smartphone sales, which total billions of dollars and provide millions of jobs, have a tremendous impact on the US economy. Because of the continual advancements in technology, it is anticipated that demand for smartphones will skyrocket, further fostering industry growth. If technology businesses want to stay ahead of the competition, they must continue finding new ideas and producing items of excellent quality at affordable rates.

References

Fan, Y., & Yang, C. (2020). Competition, product proliferation, and Welfare: A Study of the US smartphone market. American Economic Journal: Microeconomics, 12(2), 99–134. Web.

Khan, H. (2021). Buying behavior of online consumers during COVID-19 – buying behavior, payment mode, and critical factors affecting consumers buying behavior during the pandemic. Journal of Management and Training for Industries, 8(2), 1–23. Web.

Makov, T., Fishman, T., Chertow, M. R., & Blass, V. (2018). What affects the secondhand value of smartphones: Evidence from eBay. Journal of Industrial Ecology, 23(3), 549–559. Web.

Mu, J., & Zhang, J. Z. (2021). Seller marketing capability, Brand Reputation, and consumer journeys on e-commerce platforms. Journal of the Academy of Marketing Science, 49(5), 994–1020. Web.

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The Smartphone Market in the United States

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