According to data from Counterpoint Research (via Reuters), the global smartphone market returned to growth in October after more than two years of slump, driven by a recovery in emerging markets.
Global monthly smartphone sales increased by 5% in October, marking the first month to record year-on-year growth since June 2021. This breaks a streak of 27 consecutive months of negative year-on-year growth.
The smartphone industry has faced various challenges in recent years, including supply chain disruptions, inventory build-up, and lengthening replacement cycles. However, the report is optimistic that the market is on a path to recovery.
After experiencing significant growth in October, there is an expectation of continued year-on-year market expansion in the fourth quarter of 2023. This trend is seen as a potential indicator of a gradual recovery for the market in the coming quarters.
Developed markets, with their relatively higher smartphone saturation, have been slower to recover. However, the launch of Apple’s iPhone 15 series is also a factor contributing to the growth, with the report saying that “another growth factor has been the late launch of the iPhone 15 series when compared to last year.” The new iPhone sales had a full impact in October this year due to a one-week delay.
