The latest report by research firm Omdia indicates that the global smartphone market expanded by 8.6% year on year (YoY) in Q4 2023. This is a decent performance even with rising inflations in some markets within the global marketplace. The report also highlighted a 6.5% YoY improvement by Cupertino company Apple within the last quarter of 2023.

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The global smartphone market achieved shipments of about 328 million units within Q4 2023. The growth is the first significant change in fortunes since 2021, thus stemming 9 consecutive quarters of decline YoY in smartphone shipments. This is coming on the heels of a quite turbulent 2022 where the market had to grapple with supply chain disruptions and other challenges. Overall shipments for 2023 (Q1-Q4 2023) declined by 3.5% YoY highlighting the current challenges.

Apple recorded a leading performance among its competitors in Q4 2023. It achieved a record-making 78.7 million units in shipments, indicating a 6.5% improvement from the same period in 2022. The surge in shipments by Apple is believed to be driven by increased demand for the iPhone 15 lineup. Apple’s major competitor Samsung recorded a 9% decline in shipments within the period in comparison to Q4 2022. However, Chinese powerhouse, Xiaomi continued to improve on its recovery efforts with 41.2 million units in shipments. Other brands on the list are Transsion, Oppo, Honor, and Motorola.

The outlook of the global smartphone shipment trajectory for 2024 is positive, as it is expected to return to growth this year. Omdia however predicts potential challenges that could result in declines in the second half of 2024. Some of the parameters that could affect the growth trajectory include delays in economic recovery, political instability, and the growing demand for used/ refurbished smartphones due to the reduced purchasing power of consumers.

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