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Sales of LTE smartphones in Venezuela made up just 6.7% of all smartphone sales in the country in 2015. But a February 2016 report by Pyramid Research projects these advanced handsets will make up 51.8% of smartphone sales in 2020.
Over 93% of smartphones sold in Venezuela in 2015 were non-LTE. But with over half of smartphone sales to be LTE in 2020, it’s worth looking at how the smartphone market in Venezuela will generally grow.
Nearly 3 million smartphones were sold in Venezuela over the course of 2015. But Pyramid Research predicts a slight downtown for 2016, to 2.6 million. This would be a notable figure given that, virtually everywhere in the world, smartphone sales are growing year over year. But it’s no surprise that countries with tenuous political and economic situations like Venezuela’s might suffer a market slowdown.
But after that short decline, smartphone sales will climb in the years to come, eventually reaching 6.5 million sales in 2020.
And it’s not just that there will be more smartphones in the years to come—consumers in Venezuela will have access to higher speeds and better technology. In 2015, 40% of smartphones had 2G technology; by 2020, fewer than 8% will.
3G, currently the leading access technology in Venezuela, will continue to enjoy its supremacy, growing from 58.6% of handsets in 2015 to 70.7% in 2020. But about one in five will also access 4G technology by 2020, up from its current minnow status of 1.3%.
While no downturn in sales is ever great news, the long-term forecast in Venezuela is clear: better phones, and more and more of them.
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