Overview: The global smartphone market got off to a mixed start in 2025, where Q1 saw continued improving economic conditions, particularly in Emerging Markets, but mature markets like North America, Europe and China showed signs of fatigue after a recovery in 2024. With the announcement of reciprocal tariffs by the US administration on April 2, and subsequent reversals and exemptions, we have revised down our market forecast in 2025 and 2026.