Counterpoint: Nearly 500 smartphone brands have exited the market since its development

The smartphone market is one of the most competitive markets for brands, and the survival environment in the smartphone market is extremely tough, and only a very few companies can survive in the fierce competition. Companies such as Apple and Samsung have formed a duopoly in the market, and there are many other companies dreaming of joining the big league. Now, a new report reveals how bleak the market has become since 2017.

According to statistics from Counterpoint Research, there will be only 250 active smartphone brands in 2023. This may seem like a huge number, but when you look at the fact that there were more than 700 smartphone brands in 2017, you start to see how the market has shrunk in just 6 years, and the results start to be shocking. The company also added that the decline was almost entirely faced by local brands, with more than 30 global brands remaining.

The survey mentioned that some smartphone brands were eliminated in India, the Middle East, Africa, China, Japan and South Korea.

Among the list of smartphone brands that have exited the market, LG and Kyocera are only available in their home markets, and smaller companies have actually suffered more than the larger ones but have still managed to survive the storm.

Counterpoint Research even mentioned a series of challenges faced by smartphone brands that led to their premature closure. For example, users began to mature, replacement cycles lengthened, and the refurbished market grew. In addition, there were supply chain issues, economic recession, technological changes, and the ability of large manufacturers to mass-produce mobile phones.

The sad thing here is that the company has mentioned that there will be more smartphone brands experiencing this reduction, but small manufacturers can survive by selling devices at a premium, but even so, they must offer something unique, something that other companies don't offer. Take Fairphone as an example. Although the brand is not big, it still offers many selling points that big brands can't even think of at the moment.