Global smartphone market starts to grow for the first time in 27 months – Counterpoint
The global smartphone market returned to growth in October 2023 after more than two years of decline. According to Counterpoint Research, this was facilitated by the recovery in emerging markets, writes Reuters.
Monthly global smartphone sales increased by 5% in October. This is the first year-on-year increase since June 2021. That is, we are talking about a period of 27 months.
According to Counterpoint, global smartphone sales have been under stress for two years, driven by various factors such as component shortages and inventory buildup.
“Following strong growth in October, we expect the market to grow year-on-year in the fourth quarter of 2023 as well, setting the market on the path to gradual recovery in the coming quarters,” Counterpoint Research predicts.
By the way, in August this year, Sony Group Corp. predicted the recovery of the smartphone market no earlier than 2024 after assessing demand in China and the United States. Other tech companies have also warned of sluggish demand. For example, shortly before Sony’s announcement, Apple also recognized a slowdown in the growth of the smartphone market, especially in the United States.