2023 will be a challenging year for the global smartphone market, which is expected to enter an upward trajectory from 2024. Global smartphone sales are estimated to decline by 1.1% in 2023 compared to the previous year, with a recovery slated for 2024. In its new report (Worldwide Quarterly Mobile Phone Tracker), IDC revised its estimates of smartphone market dynamics in 2023, clarifying that a market recovery should not be expected before 2024 due to a slower recovery in demand. According to SEPE’s latest Worldwide Quarterly Mobile Phone Tracker forecast, smartphone shipments will decline by 1.1% in 2023 to 1.19 billion units as the market continues to suffer from weak demand and ongoing macroeconomic problems. As a reminder, the company’s initial forecast was for 2.8% growth in 2023. “A real recovery of the market is not expected until 2024, in which we expect an annual growth of 5.9%.” This corresponds to a single-digit compound growth rate (CAGR) of 2.6%,” emphasizes IDC.

Sales are estimated to be down 1.1% this year compared to a year earlier.

“With rising costs and ongoing consumer demand issues, manufacturers are very cautious about 2023. While good news has finally arrived from China with the recent economic reopening, there is still a lot of uncertainty and a lack of consumer demand. ”, add analysts from IDC’s Mobile and Consumer Device Tracking division.

However, analysts remain confident that the global market will return to growth in 2024 after overcoming short-term challenges as mature markets see a significant refresh cycle as well as further opportunities for smartphone penetration in emerging markets. 5G, according to analysts, continues to grow, and in 2023 it will account for 62% of smartphones shipped worldwide, and by 2027 this figure will grow to 83%. units this year, up 50%, while the overall market is shrinking. This segment will continue to grow as costs come down, with more manufacturers launching foldable phones, as seen at this year’s Mobile World Congress.