Some 1.2 billion smartphones will ship in 2014, marking a 23 per cent increase from the 1 billion shipped last year, according to figures from IDC.

The growth will continue in the short term, with the market reaching 1.8 billion units in 2018, representing compound annual growth rate of 12.3 per cent.

What makes this “so amazing” is where the growth will take place, Ramon Llamas, research manager with IDC’s Mobile Phones team, said.

“Smartphone shipments will more than double between now and 2018 within key emerging markets including India, Indonesia and Russia,” Llamas said.

China will account for nearly one third of all smartphone shipments in 2018.

“These – and other markets – will offer multiple opportunities to vendors and carriers alike, but the key will be balancing affordability with expectations,” he continued.

IDC said that on a worldwide basis, the average selling price of smartphones will reach $314 in 2014, down from $335 in 2013. And ASP will fall further to reach $267 by 2018 – but “users still expect top-notch experiences regardless of what smartphone they purchase”.

Ryan Reith, program director with IDC’s Worldwide Quarterly Mobile Phone Tracker, said: “Given the competition at the high end, vendors like Motorola are trying to skate to where the puck is going by offering extremely affordable devices like the Moto E, which offer a ‘good enough’ experience that will suit the needs of many.”

In terms of platforms, Android will “undoubtedly remain the clear market leader”, although it will lose some share moving forward, “mainly as a result of Windows Phone growth”.