Global smartphone shipments to decline in 2023, but grow each year from 2024-2028, says DIGITIMES Research

Luke Lin, DIGITIMES Research, Taipei 0


Global smartphone shipments will likely decline 6.6% year-on-year to 1.084 billion units in 2023, based on DIGITIMES Research's analyses of supply chain information, regional market conditions, and geopolitical trends, but the volumes will grow every year from 2024 to 2028, according to the latest figures from DIGITIMES Research's 5-year report on the global smartphone market.

As consumers worldwide are adjusting to high inflation and the strengthening of the US dollar, coupled with the trend for feature phone users in emerging markets transitioning to smartphones and the continued 5G upgrade trend, global smartphone shipments are expected to grow within a range of 4-8% annually in the next five years, representing a compounded annual growth rate (CAGR) of 6%, the report's figures show.

High inflation and appreciation of the US currency have led to a decline in purchasing power in the US, Europe and emerging markets. Additionally, the Chinese market is lackluster due to unfavorable economic prospects and low consumer confidence. These factors have led to a decline in the global smartphone market in 2023.

The global top-9 brands, as those of 2023, will likely be able to ship over 30 million smartphones each in 2024. These brands ranked in order are Samsung, Apple, Oppo, Xiaomi, Vivo, Transsion, Honor, Huawei, and Lenovo. The nine brands collectively will hold a 92.8% market share globally.

DIGITIMES Research predicts that shipments of 5G smartphone models will slightly exceed 564 million units in 2023, representing a 4.1% decline compared to the previous year. However, from 2024 to 2028, shipments of 5G smartphones are expected to expand annually to between 110 million and 180 million units.