The global smartphone industry has had its ups and downs in recent years, but it looks like things are finally starting to look up. According to data from Counterpoint Research (via Reuters), the global smartphone market returned to growth in October after more than two years of decline. Global monthly smartphone sales increased by 5% in October, which breaks a streak of 27 consecutive months of negative year-on-year growth. This is the first time the market has seen year-on-year growth since June 2021.
The industry has faced challenges such as supply chain disruptions, inventory build-up, and lengthening replacement cycles, but there is optimism that the market is on a path to recovery. It is expected that there will be continued year-on-year market expansion in the fourth quarter of 2023, which could indicate a gradual recovery in the coming quarters.
The growth in October was driven by emerging markets, with a recovery in the Middle East and Africa, Huawei’s comeback in China, and the start of the festive season in India. Developed markets have been slower to recover, but the launch of Apple’s iPhone 15 series and the late launch of the series compared to last year have also contributed to the growth. The new iPhone sales had a full impact in October this year due to a one-week delay.