Global smartphone market grows for the first time since June 2021
Kyiv • UNN
October was the first month of annual growth in the global smartphone market since June 2021, breaking a 27-month decline driven by emerging markets and new product launches.
The global smartphone market started to grow after 2 years of stagnation stagnation. Counterpoint Research data for October showed that the global smartphone market smartphone market is growing again after more than two years of decline. This was reported by Reuters, reports UNN.
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It is noted that global monthly sales of of smartphones grew by 5%, making October the first month with with record annual growth since June 2021. Thus, it was interrupted a 27-month-long streak of decline.
Global smartphone sales have been declining due to a shortage of components and inventory build-up.
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After strong growth in October, we expect the market to grow year-on-year and in the fourth quarter of 2023, which will put it on and on the path of gradual recovery in the coming quarters
Growth, which was last seen in June 2021 due to pent-up demand caused by COVID-19, is now being driven by emerging markets, with the continued recovery in the Middle East and Africa Africa, Huawei's return to China and the start of the holiday season in India.
Huawei's smartphone sales in China grew strongly in the third quarter, rising 37% as customers snapped up the Mate 60.
Developed markets with relatively higher smartphone saturation recovered more slowly, according to the report, but another factor in the growth was the launch of Apple's iPhone 15 series.
