The global smartphone market is projected to achieve a shipment of 1.17 billion units in the year 2023, reflecting a 3.2% decrease compared to the 1.20 billion units dispatched in 2022.
Moving forward, the trajectory anticipates a growth in shipments, reaching 1.35 billion units by 2027, which marks the conclusion of our projected timeline. This growth corresponds to a Compound Annual Growth Rate (CAGR) of 2.3%.
The smartphone market has encountered greater challenges than initially anticipated, driven by heightened channel inventory and a dearth of demand. In response, most manufacturers have opted for cautious inventory management and product portfolios. Given the prevalence of various macroeconomic factors across different regions, sustained tepid demand may lead manufacturers to postpone significant initiatives for new devices and portfolio enhancements until 2024.
The intricate interplay of market forces underscores the nuanced dynamics shaping the smartphone landscape in the coming years.