The report says nearly 500 brands withdrew from the smartphone market between 2017 and 2023

IT House, September 21 (Xinhua)-- according to a report released by market research firm Counterpoint Research, nearly 500 brands have withdrawn from the smartphone market between 2017 and 2023.

The agency tracked the mobile phone market in more than 70 countries and regions around the world and found that at its peak in 2017, the number of global smartphone brands dropped sharply to more than 290 in 2022 and is expected to drop further to more than 250 this year.

According to the report, the reasons for these brands' withdrawal from the smartphone market include immature user base development, increasing equipment quality requirements, prolonged replacement cycle for users, expanded second-hand refurbishment market, economic downturn, supply chain bottlenecks, major technological transformations from 4G to 5G, and so on.

IT House learned from the report that local brands are hardest hit, such as Meitu, Jinli and Coolpad in China, Micromax, Intex and Karbonn in India, LG in South Korea, InnJoo and Xtouch in the Middle East and Africa, Kyocera and NEC in Japan, and so on.

Sales of local brands have fallen sharply in the past few years. So far in 2023, nearly 90% of local brands have sold less than 100000 units, and some brands have completely shut down or shifted their focus to feature phones or other categories, such as wearables or the Internet of things.