Smartphone shipments to be lowest in a decade in 2023
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Global smartphone shipments will be 1.15 billion units in 2023, down 4.7 percent year-on-year and the lowest figure for a decade, according to market analyst IDC.
This is a downward revision from IDC’s previous forecast of a 3.2 percent decline prompted by a weaker global economic outlook and persistent inflation, which has dampened consumer demand and lengthened refresh cycles.
Worldwide smartphone shipment and average selling price forecast 2021 to 2027. Source: IDC.
IDC expects the market to recover in 2024 with 4.5 percent year-on-year growth followed by low single-digit percentage growth in subsequent years. The five-year compound annual growth rate is 1.7 percent.
Nabila Popal, research director at IDC said that while refresh cycles are becoming longer consumers are willing to pay more for smartphones and that average selling prices will rise for the fourth consecutive year in 2023.
Apple iPhones are resisting the downward market pressure better than Android IDC said. The iOS phone shipments are set to grow 1.1 percent in 2023 to reach an all-time high market share of 19.9 percent. Android phone shipments will decline 6.0 percent in 2023.
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