Smartphone Market Grows in October, First Time Since June 2021, Driven by Emerging Markets and New Product Launches

As we look at the smartphone market, October brought us a fresh breeze of change. After a tough two years, Counterpoint Research's data now shows a spark of growth. It's interesting, really, how the market pivoted. Since June 2021, there’s been a waiting game — a 27-month long spell of decline. But this October, things took a turn. Sales went up by 5%. It's like watching a long-awaited comeback.

"October also marked the biggest monthly smartphone sales since January 2022.", explained CPR team in a press release.

The past couple of years haven’t been easy ride for smartphone industry, as it faced a series of challenges. Think about the shortage of key components, the piles of unsold phones, and people holding onto their old phones longer. Counterpoint's report sheds light on these struggles. But now, there's a hint of optimism in the air. The market is expected to keep this positive trend in the last quarter of 2023. We're looking at a slow, yet hopeful, climb back to better days.

Photo: DIW - AIgen

The interesting part? The recovery’s drivers are quite diverse. Back in June 2021, the demand was mostly due to the pandemic. Now, it’s the emerging markets leading the charge. We’re seeing steady progress in the Middle East and Africa. Then there’s Huawei in China, making a strong comeback, and India’s festive season boosting sales.

Huawei’s story in China is quite interesting. Their sales jumped 37% in the third quarter, thanks to the new Mate 60 series. As for the more developed markets, the pace is slower. Smartphone saturation is a real thing there. But, the launch of the iPhone 15 series has given a nudge to the overall market growth.

In a nutshell, the smartphone market is showing signs of life again. It’s a mix of challenges and victories, but that's what makes it all the more interesting.

Chart: Counter Point Research

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by Irfan Ahmad via Digital Information World