Smartphone Market Starts to Recover – Positive Developments Recorded in October

 The 2020 pandemic had a negative impact on the global smartphone market. Production is affected, deliveries are hampered and consumers are not interested in buying new devices due to concerns about Covid-19. Because of this the global smartphone market recorded negative growth for 27 months. According to the latest data from Counterpoint Research, this downward trend in sales finally stopped last October.

For the first time, the production of smartphones increased by 5% in October compared to the same month in 2022. The increase can be seen especially in the markets of China, India, the Middle East and Africa. In China, for example, Huawei recorded an increase in sales of more than 100% after launching the Huawei Mate 60 series. The demand for devices that use their own Kirin chips is extraordinary even though this has now caused Huawei to be investigated again by the United States.

Counterpoint now predicts that smartphone production will increase in Q4 2024 with the recovery trend also expected to continue throughout 2024.