TechInsights: Global smartphone shipments will fall 1% in 2023

Taking into account China's reopening, the Federal Reserve's slowing rate hikes, and a better-than-expected economic outlook in Europe, TechInsights raised its 2023 smartphone shipment forecast in its latest report.

Global smartphone shipments are expected to decline slightly by 1% year-on-year in 2023, and then rebound by 3% in 2024. Global mobile phone shipments are expected to decline by 4% year-on-year in 2023, and rebound by 2% year-on-year in 2024.

From a regional perspective, except for Africa and the Middle East, which are affected by the earthquake in Turkey and surrounding countries and the poor macroeconomic situation, the data for other regions have been revised upward. However, North America is the only region to achieve moderate growth in 2023. All other regions will decline. In 2024, we expect all regions to return to growth mode.

Samsung and Apple will continue to lead the market and gain larger market share. Leading Chinese vendors will continue to face strong headwinds in 2023 before turning to an upward trajectory in 2024. The top ten vendors in the world will account for 92% of the global smartphone market share in 2023 and 2024. Industry consolidation continues.