Counterpoint: the global smartphone market will grow by 2% year on year in 2023, and the replacement cycle will reach an all-time high this year.

CTOnews.com, December 12, Counterpoint predicts that the global smartphone market will grow by 2% year-on-year in 2023.

CTOnews.com has learned that Counterpoint's latest forecast is down from its previous growth rate of 6 per cent, and it expects market performance to remain subdued in the first half of 2023 before starting to grow in the third quarter.

Peter Richardson, vice president of Counterpoin, said annual smartphone shipments are unlikely to return to pre-outbreak levels any time soon, given the increase in ASP and the long replacement cycle, which is expected to reach an all-time high of 43 months this year. Although the replacement cycle will be gradually shortened from next year, it will remain at more than 40 months.

However, the agency expects the global 5G mobile phone market to grow healthily from 2024 with the popularity of low-and medium-priced 5G devices.

The report added that as more mobile phone manufacturers enter the folding field, the market will see the prices of these phones stabilize, and the folding field will become more prominent with the development of the 5G field.