The global smartphone market grew in October, breaking more than two years of decline. This recovery was facilitated by improved performance in emerging markets, as reported by Counterpoint Research.
According to the research, global smartphone sales grew by 5% year-on-year in October, the first yearly growth since June 2021 after about 27 months of declines.
Cause of the decline in the last two years
The report explained that uncertainty in the macroeconomic terrain coupled with component shortages, inventory build-up, and lengthening of replacement cycles have put the global smartphone market under stress for the past two years.
Regions responsible for the growth
On the regions that spurred the growth, the research firm noted recovery in the Middle East and Africa (MEA) region, India, China, and the late launch of the iPhone 15.
It stated,
- “Emerging markets led the growth in October with a continuous recovery in the Middle East and Africa (MEA) region, Huawei’s comeback in China, and festive season onset in India, which punched far above its weight to account for the largest share of monthly global gains. Developed markets with relatively higher smartphone saturation have been slower to recover.”
- “Another growth factor has been the late launch of the iPhone 15 series when compared to last year. The one-week delay this year meant the full effect of the new iPhone sales was felt in October.”
The research firm explained further stating after a robust expansion in October, it anticipated continued year-on-year market growth in the fourth quarter of 2023.
The report further highlighted that the developed markets, where smartphone saturation is relatively higher, have shown a slower pace of recovery. However, it attributed part of the growth to the launch of Apple’s iPhone 15 series.
