Global smartphone market is expected to decline by 5% by 2023, with industry recovery on the horizon

Projected 5% Decline in Global Smartphone Market by 2023, with Recovery on the Horizon for Industry

[Mobile China News] Recently, Mobile China noticed that according to reports from research institutions, the global smartphone market, after experiencing a massive 12% decline in 2022, is showing preliminary signs of recovery in 2023. Although shipments are still expected to decrease by 5% this year, the downward trend has slowed down.

This report further points out that regions such as the Middle East, Africa, and Latin America will once again become the driving force behind the growth of the global smartphone market. It is estimated that these regions will achieve growth rates of 9%, 3%, and 2% respectively. This growth is mainly due to the steady economic recovery in these regions and the increasing demand for smartphones from consumers.

According to predictions, smartphone shipments in 2023 will reach 1.13 billion units and will grow by 4% to reach 1.17 billion units by 2024. By 2027, it is estimated that shipments will reach 1.25 billion units, achieving a compound annual growth rate of 2.6%.

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In terms of products, the market for foldable smartphones continues to grow rapidly. According to Counterpoint’s data, global shipments of foldable smartphones in the second quarter of 2023 reached 2.1 million units, a year-on-year increase of 10%. Among them, the growth rate of foldable smartphones in the Chinese market is as high as 64%. This growth is mainly due to consumers’ enthusiasm for new smartphone technologies and continuous investment from manufacturers in product development.

In terms of prices, the global smartphone market is showing a polarization trend. Prices in the high-end smartphone market continue to rise, while prices in the mid-to-low-end market remain stable or slightly decrease. This indicates that consumers are increasingly focusing on quality and brand when purchasing smartphones, rather than just price factors.

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