Annual sales of smartphones will exceed one billion globally in 2014, with demand for cheaper low-end handsets from China fuelling uptake, according to a Credit Suisse research note.

The finance group forecasts that worldwide sales of smartphones will grow by 46 percent this year to hit 687.9 million and reach 1.05 billion units by 2014, reports Reuters.

Credit Suisse analysts said that there will be “robust growth” in China’s smartphone market, which will contribute 22 percent of global sales by 2015.

Apple is expected to secure a 23 percent smartphone market share this year aided by its strong distribution network along with its software and services platform and hardware innovation, according to the analysts.

They also predict that Nokia will regain some ground in terms of earnings in 2013 leading to an 11 percent market share in the longer term due to carrier support, competitive pricing and it strength of brand and distribution. Samsung and Huawei are also expected to gain market share.

However, Motorola, HTC and Sony Mobile are predicted to become vulnerable by the analysts, with a rapid decline expected for BlackBerry maker RIM.

Chipmaker Qualcomm is forecast to see its licence business grow 17 percent this year, with the analysts raising the company’s stock price target from US$70 to US$80.