China is set to overtake the US as the world’s largest mobile phone market

Chinese consumers will spend more than $87 billion on mobile phones in 2014, a Wednesday report predicts, pushing revenues in the Asian giant’s mobile market well past those in the U.S. in advance of Apple’s planned Chinese retail expansion. In contrast, mobile phone revenues in the U.S. are forecast to reach just $60 billion this year, predictive analysis firm Strategy Analytics said. That would represent a 15 percent year-over-year increase in China against flat growth in the U.S. “China’s impressive mobile growth is being driven by the country’s rapid shift to 3G and 4G smartphones,” said Strategy Analytics senior analyst Woody Oh. Apple has played an important part in that shift, with the iPhone responsible for about half of the 2.8 million 4G subscribers on China Mobile, the world’s largest wireless carrier. Meanwhile, on smaller competitor China Telecom, the iPhone has helped boost 3G revenues by nearly 30 percent.