In 2013, the worldwide mobile handset market volume reached approximately 1.82 billion units, and is expected to reach 1.88 billion units in 2014, up 3% on year, according to Market Intelligence and Consulting Institute (MIC).

Smartphones alone are forecast to hit around 1.22 billion units in 2014, up 23.6% on year. MIC added that the worldwide smartphone market volume is estimated to increase at double-digit growth rates prior to 2016, with a market volume estimate of 1.88 billion units in 2018.

In the next coming years, emerging markets with buoyant demand for smartphones are expected to continue being the major engine of growth while many developed markets' smartphone penetration rates are already saturated and the growth is therefore stagnated, the firm said.

In 2014, smartphones sold in North American and western Europe market are estimated at 300.2 million units, up 7.3% compared with 2013. MIC said it predicts that the global share of smartphones sold in developed countries will fall to 24.6% in 2014 from 28.4% in 2013 and dip further to 20.1% in 2018 with a CAGR of 6.1% from 2013 to 2018.