Global smartphone shipments are expected to drop 5 per cent year-over-year (YoY) to 1.13 billion in 2023, compared to the 12 per cent decline of 2022, indicating that the market is gradually recovering, according to the latest report released by Canalys. According to the firm, regions like Middle East, Africa and Latin America have witnessed a stabilisation, with the expected growth to be at 9 per cent, 3 per cent and 2 per cent respectively in 2023.
Meanwhile, the consumers are placing more value on their devices now more than ever with average selling price exceeding $440. The smartphone market is expected to rebound in 2024, and will be driven by emerging markets, where smartphones remain integral for various purposes including connectivity and productivity. One in three smartphones to be shipped in 2024 will be purchased in Asia-Pacific region, with growth at 6 per cent YoY, driven by resurging demand in India, Southeast Asia and South Asia.
Further, as per the report, the smartphone shipments are expected to grow at 4 per cent to reach 1.17 billion units in 2024. The global market is expected to ship 1.25 billion units in 2027, achieving a compound annual growth rate of 2.6 per cent between 2023 and 2027.
