The global smartphone market is showing early signs of recovery after declining 12 per cent in 2022, according to new forecasts from Canalys.
While shipments are still expected to drop five per cent this year, the softening decline points at stabilization as regions like the Middle East, Africa, and Latin America return to growth, at nine per cent, three per cent and two per cent, respectively, this year.
According to the research firm, in the full year 2023, 1.13 billion smartphones will be shipped, which is expected to grow four per cent to reach 1.17 billion units in 2024. The smartphone market is expected to ship 1.25 billion units in 2027, achieving a compound annual growth rate (CAGR) from 2023 to 2027 of 2.6 per cent.
“The smartphone industry is clearly emerging from its darkest days, even as the shipments remain over 20 per cent below its 2017 peak,” said Canalys senior analyst Toby Zhu.
“The good news is that consumers are placing more value on their devices than ever before, with average selling prices now exceeding US$440, versus US$332 in 2017. Profitability is looking up for hardware makers strategically launching flashy new features to captivate consumers in key growth markets.”
