The global smartphone market declined slightly in the third quarter of 2023, but there are some positive signs that suggest recovery is on the horizon.
According to IDC, smartphone shipments fell 0.1% year-over-year to 302.8 million units in Q3. This was due to a number of factors, including soft demand, inflation, and geopolitical tensions.
However, there were some bright spots. Shipments grew in emerging markets like the Middle East and Africa (MEA), Latin America (LA), and Asia/Pacific (excluding Japan and China). Additionally, the high-end market continued to flourish, driven by generous trade-in and financing options in many developed markets.
Regionally, China saw the biggest decline in shipments, with a 6.3% year-over-year drop. This was followed by Europe, Japan, and the U.S., which saw declines of 8.6%, 5.3%, and 1.1%, respectively.
However, emerging markets like MEA, LA, and Asia/Pacific (excluding Japan and China) saw shipment growth of 18.1%, 8.2%, and 1.3%, respectively.
Overall, the smartphone market is still facing some challenges, but there are also some positive signs. The growth in emerging markets and the continued strength of the high-end market suggest that recovery is on the horizon.