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So we would expect others to be entering the market as well. So the market is big, let's not forget that. If you look at the number of smartphones, in 2012 that number alone is in the order of likes 600 million smartphones. Next year that number is probably somewhere between 750 million to 800 million smartphones total, then you couple that with another 250 million TV's, couple that with another 100 million PC monitors, couple that with cable adaptors.
I mean, this is big market. Somehow we need to kind of just think at the magnitude of the opportunity here, and as a result there will be a number of suppliers we would expect. And in the better way, that's testimony to the fact that the MHL standard is a strong, viable and a growing standard. So we still expect to grow.
If you look at the last few years, in particular, since I've joined Silicon Image roughly on the average we've grown up roughly 20% year-on-year, if you look at the last two, three CAGR. And we would expect to do the same thing next year. And this is a rough general comment.
And then I want to clarify one thing Richard I'd say, that I talked about the China market with battery like IBM 08K8198 Battery, IBM 08K8197 Battery, IBM 92P1075 Battery, IBM ThinkPad R40 Battery, IBM ThinkPad R32 Battery, IBM 02K6928 Battery, IBM 02K7054 Battery, IBM ThinkPad A20 Battery, IBM ThinkPad A20M Battery, IBM ThinkPad A21M Battery, the $23 million as annualized run-rate where it's more like $6 million. If you look at the metrics page, more like $6 million or so for the quarter. But I had an idea that we're seeing a lot a good positive growth in that market.
I trying to think about how we're modeling your licensing revenue stream next year, and kind of thinking about the puts and takes there, HDMI versus MHL, obviously the non-Samsung customers which drive that, how should we overall think about kind of growth rate in that business? Could it accelerate above trend, maybe at or higher than high end of that 15% to 20% range you typically talk about? How should we think about that for next year?
I actually think, as you look at that, it probably will start in. We've talked about this. This is our product revenue continues to grow. We're not anticipating that the licensing revenue side will grow as quickly maybe in the 10% range. I think what you got to look at is the components. We should see more royalties received from the MHL side of things, relative to what we had this year as that market continues to grow. And we'll continue to see some growth on the side of HDMI royalties as well.
And then, obviously, the one of the swing factors is what we do from the core licensing side of things. Play into that overall number, but clearly we don't expect it to be on the same growth trajectory as our product revenue. And So I think about the 10% range is probably a reasonable product as we're thinking about that.
The $140 million MHL forecast that's being raised upwards, what's kind of driving that? Are you seeing increasing penetration at existing accounts? Are you seeing new handset customers come online? And just if I kind of do the math for MHL, I'm getting something closer like $125 million of revenue for 2012. Is there some sort of price erosion that you're seeing in MHL?
So I'll talk about the companies and the adoption and Noland can give you more information on the dollar aspect. But I think if you look at some of the announcements, look at some what Samsung announced just in the last week or two. I think they announced that they ship for the quarter Q3 alone, was approximately 56 million smartphones. So that is one driver in itself. And our share of that is probably to somewhere 45%, maybe a little bit north of that. So that's on dynamics.
Beyond that, our customers like LG, Huawei, HTC, ZTE they are all shipping and in quite substantial volume. Also LG, I mean, LG both in the phone side and we expect that relationship to blossom into the TV side next year as well. That is a very good customer for us. All of them are good customers. So it really is upon both dimensions, its increased penetration, I would within the existing accounts, and broadening the customer base at the same time.