Market Outlook - Handset Shipment Forecast by OEM Region, February 2024
Overview:
The annual smartphone market shrank 4.4% YoY in 2023 as the macroeconomics headwinds and consumer weakness continued to pressure the industry thought the year. We expect the market grow by around 3.4% annually in 2024. The reasons for upward revision of the forecast are as follows;
- Inventory levels had reached more or less normal levels by the end of 2023 clearing the way for orderly market functioning in 2024.
- The global macroeconomic projection is adjusted higher due to the greater-than-expected resilience in H2 2023 in many economies, such as Stronger-than-expected US growth and partly growth in the euro zone, the growth in emerging and developing Asia, and strong demand in Brazil, Mexico, and India.
- The introduction of Gen AI based devices is likely to catalyse additional growth.
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Category
Industry
Smartphone
Report Type
Report
Time period
Monthly
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Author
Team Counterpoint
Counterpoint Research is a global industry and market research firm providing market data, intelligence, thought leadership and consulting across the technology ecosystem. We advise a diverse range of global clients spanning the supply chain – from chipmakers, component suppliers, manufacturers and software and application developers to service providers, channel players and investors. Our veteran team of analysts serve these clients through our offices located across the key innovation hubs, manufacturing clusters and commercial centers globally. Our analysts consistently engage with C-suite through to strategy, market intelligence, supply chain, R&D, product management, marketing, sales and others across the organization. Counterpoint’s key coverage areas: AI, Automotive, Cloud, Connectivity, Consumer Electronics, Displays, eSIM, IoT, Location Platforms, Macroeconomics, Manufacturing, Networks & Infra, Semiconductors, Smartphones and Wearables.
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