Market research firm Counterpoint Research has revealed the latest situation in the global smartphone market in its new report.
The smartphone market is on the verge of a serious crisis due to negative developments in recent years. After the chip crisis and the pandemic, now the Russia-Ukraine war has erupted and deeply affected the sector. In fact, declines started again in the field where there was a great recovery before the war. So how is the smartphone market doing as of now?
- China manufacturing PMI grows at fastest pace in 13 months in June
- Kremlin: From now on we will trust neither the US nor the EU
Significant decline in the global smartphone market
The effects of the coronavirus, which entered our lives in 2019, have slowly started to disappear today. In fact, in 2021, the smartphone market grew for the first time in 5 years. However, after the Russia-Ukraine crisis broke out, the arrows were turned down again.
Market research firm Counterpoint Research revealed the latest situation in the global smartphone market in its new report published recently. Accordingly, sales have fallen below 100 million for the first time since 2020, when the coronavirus dominated.
Of course, it would not be right to talk only about war here. Because factors such as inflation, coronavirus and the recession in China – due to quarantine – are also of great importance in the decline of the market. Counterpoint Research states that there is a monthly decline of 4 percent and a 10 percent decline on an annual basis.
Looking at the report, we can say that two factors stand out more: The Russia-Ukraine war and the lockdown in China. These are deeply affecting the global supply chain and causing the demand for smartphones to fall.
Of course, this will not continue. According to the Counterpoint macro index, the market will continue to decline this summer. However, recovery will start in the second half of this year.
So what do you think about this issue? When will the global smartphone industry return to previous levels? Don’t forget to follow us and don’t forget to share!
