TechInsights: global smartphone shipments are expected to decline 1% year-on-year in 2023

CTOnews.com March 8 news, TechInsights (former Strategy Analytics) released a report today that global smartphone shipments are expected to decline slightly in 2023, down 1% year on year and 3% year on year in 2024. Global handset shipments will fall 4 per cent year-on-year in 2023, rebounding to 2 per cent year-on-year growth in 2024.

Regionally, data have been revised upwards in all regions except Africa and the Middle East, which have suffered catastrophic earthquakes and poor macroeconomic conditions in Turkey and its neighboring countries, the report said. However, North America will be the only region to achieve moderate growth in 2023. All other regions will be on the path of recession. By 2024, growth models are expected to return to all regions.

TechInsights said Samsung and Apple will continue to lead the market with increased market share. China's leading manufacturers will continue to face strong headwinds in 2023 and then turn to an upward track in 2024.

CTOnews.com knows from TechInsights estimates that by 2023 and 2024, the top 10 smartphone manufacturers in the world will account for 92% of the global smartphone market. Industry consolidation continues.