Global smartphone shipments are expected to decline in 2023. As per International Data Corporation’s (IDC) forecast, the market will decline by 1.1 percent this year. This is said to be due to weak demand and slower market recovery than initially expected. The worldwide quarterly mobile phone tracker predicts that smartphone shipments this year will be 1.19 billion units. 

IDC reports that a real recovery in smartphone shipments isn’t expected until 2024 and a five-year CAGR is tipped at 2.6 percent. Out of the 1.19 billion total shipments, this year, 967.7 million are expected to be Android devices while the rest are expected to be iOS. The report also reveals that 5G is growing and is projected to account for 62 percent of shipments worldwide by 2023. This number will increase to 83 percent in 2027. Foldable phones are also said to be a rising segment and are estimated to reach 22 million units this year, a 50 percent increase despite market decline. The segment is expected to continue growing as costs reduce and more brand launch foldable phones. According to IDC, the average selling price of smartphones grew from $334 in 2019 to $415 in 2022, but it will start to decline in 2023 and is projected to hit $376. 

IDC stated that “With increasing costs and ongoing challenges in consumer demand, OEMs are quite cautious about 2023. While there is finally some good news coming out of China with the recent reopening, there is still a lot of uncertainty and lack of trust, which results in a cautious outlook.”

The global smartphone market is expected to bounce back to growth in 2024 once these short-term challenges are over. There is said to be a significant pent-up refresh cycle in developed markets and room for smartphone penetration in emerging countries, 

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