In October, for the first time in 27 months, the global smartphone market recorded an increase in sales volumes on an annualized basis.
According to the information contained in the press release of the global research company Counterpoint Research, published on Wednesday, November 22, last month international sales of the mentioned devices showed an increase of 5% year-on-year. The firm clarifies that the previous positive dynamic of sales of products in the smartphone market was recorded in June 2021.
A Counterpoint Research press release indicates that over the past two years, the mentioned devices’ trading process has been influenced by factors such as a shortage of components for the production of mobile phones, a significant increase in inventory, and lengthening replacement cycles. These circumstances were also exacerbated by the situation of uncertainty in the global macroeconomic environment.
The press release of the research firm notes that the number of smartphones sold on the world market in October was the largest since January last year.
The company’s experts explain the improvement in the situation by the fact that a sharp increase in consumer activity regarding the purchase of mobile phones is currently being recorded in emerging economies. The Counterpoint Research press release identifies the continuous recovery of the market in the Middle East and Africa, the improvement of Huawei’s position in China, and the beginning of the holiday season in India as positive factors. Separately, representatives of the firm note that in developed markets, where the smartphone saturation index is higher, the process of improving the state of affairs is being implemented at a slower pace.
The later launch of the iPhone 15 series compared to last year was also one of the reasons for the October increase in sales of mobile phones. Counterpoint Research notes that due to this circumstance, the impact of Apple’s new development on the market has been fully observed over the past month.
Experts of the firm predict that during the fourth quarter of this year, the smartphone market will continue to show growth. Also, in their opinion, in 2024 this commercial space will move towards a gradual recovery.
As we have reported earlier, Xiaomi Posts Sales Rise.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
