Overview:
Smartphone sales remain flat, China declines further, shipments above sales
- Global smartphone sales remained flat Month-on-Month (MoM) in March. Sales in China declined to their lowest level since February 2020 due to weak demand and lockdowns in several provinces. The MoM decline in China was somewhat offset by increased demand in India. Sales in the US also increased, driven by the first full month of sales of the Galaxy S22.
- Shipments (sell-in) improved MoM in March from a low base in February, however they remained lower than a year ago. Weak demand has led to an inventory build for OEMs, especially in China. Shipments in Eastern Europe also declined as several OEMs exited the Russian market and the Russia-Ukraine conflict created uncertainties. OEMs will find it incrementally harder to make sales in 2Q as channels face slowing demand and already have ample inventory.
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