Smartphone shipments are expected to decline in 2023 because economic uncertainty and a looming recession dents consumer purchases.
Smartphone shipments are now expected to decline in 2023 amid economic uncertainty and inflation continuing to dent discretionary purchases.
On Wednesday, market data analysis firm International Data Corp. cut its 2023 outlook for the smartphone market to a decline of 1.1% to 1.19 billion units. IDC had previously forecast growth of 2.8%, but now says it does not expect a “real” market recovery until 2024. IDC forecasts growth of 5.9% year-over-year in 2024, followed by low-single digit growth for a five-year compound annual growth rate of 2.6%.
Longer term, however, IDC expects Android phones, like those made by Samsung Electronics Co. 005930 , to outpace iPhone growth. IDC forecast a five-year CAGR of 2.8% for Android phones, resulting in an estimated 1.12 billion shipments in 2027, compared with a 1.8% CAGR for iPhones for an estimated 247.7 million in 2027 shipments.
IDC does expect 5G to keep growing and be enabled in 62% of smartphones worldwide this year, growing to 83% by 2027, which is good news for Qualcomm Inc. QCOM The supplier of Snapdragon mobile chips said recently it would be clearing out inventory for the first half of 2023.
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