Emerging markets have helped the global smartphone market return to growth in October 2023 after a over two-year slump, according to data from Counterpoint Research.
Global monthly smartphone sell-through volumes grew 5 percent, making October the first month to record year-on-year growth since June 2021, breaking the streak of 27 consecutive months of negative year-on-year growth, said a Reuter report, noting Counterpoint research.
Sales in the global smartphone market have been challenged for the last two years affected by various issues starting with component shortages, inventory build-up and lengthening of replacement cycles, Counterpoint said in its report.
“Following strong growth in October, we expect the market to grow year-on-year in the fourth quarter of 2023 as well, setting the market on the path to a gradual recovery in the coming quarters,” the market research firm said.
The growth, which was last seen in June 2021 coming from a COVID-19 induced pent up demand, has now been led by emerging markets with a continuous recovery in the Middle East and Africa, Huawei’s comeback in China and the onset of the festive season in India, it added.
The developed markets with relatively higher smartphone saturation have been slower to recover, the report said, but the launch of Apple’s iPhone 15 series is another factor for the growth.