Growth in the global smartphone market after two years
The global smartphone market recorded growth in October for the first time in two years. Research by Counterpoint Research suggests that the growth momentum will gradually accelerate in the coming quarters.
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According to data from Counterpoint Research, the global smartphone market began to grow again in October after a decline that had lasted for more than two years, aided by a recovery in emerging markets.
The data showed that global monthly smartphone sales volume increased by 5 percent, making October the first month to record year-on-year growth since June 2021, breaking a streak of 27 consecutive months of negative annual growth.
In its report, Counterpoint stated that global smartphone sales had been under pressure for the past two years due to various issues such as input bottlenecks, inventory accumulation, and lengthening replacement cycles.
The market research firm said, "Following the strong growth in October, we expect the market to grow year-on-year in the fourth quarter of 2023 as well, and for the market to enter a path of gradual recovery in the coming quarters."
It was noted that the growth, last seen in June 2021 and driven by pent-up demand caused by the pandemic, was propelled during this period by emerging markets, with a continuous recovery in the Middle East and Africa, Huawei's comeback in China, and the start of the festival season in India.
Huawei's smartphone sales in China showed strong growth, increasing by 37 percent in the third quarter.
The report stated that the recovery of developed markets, where smartphone saturation is relatively higher, is slower, and the launch of Apple's (AAPL.O) iPhone 15 series was cited as another factor in the growth.