Global smartphone sales have fallen by $36bn in the last 2 years

The smartphone market has experienced a marked decline in sales over the past two years, creating a challenging environment for handset manufacturers around the world. According to Stocklytics.com, global revenue from mobile phone sales has fallen by $36bn over this period.

Here's What We Know

Edith Reads, a financial analyst at Stocklytics, said the drop in 2023 represents the lowest sales in a decade. The decline in global mobile phone sales revenue was mainly due to macroeconomic issues and high inventories at the beginning of the year. Despite these challenges, the global mobile phone market is showing signs of recovery.

Meanwhile, the market for premium smartphones, priced at $600 and above, is seeing growth. Premium devices accounted for more than 20 per cent of total shipments in the market for the first time. This trend is closely linked to Apple's strong performance in 2023, as some of its devices fall into this premium category. Changing consumer behaviour indicates a willingness to pay more for high-end devices with advanced features and functions.

In addition, the refurbished handset market is also witnessing a 16% CAGR, demonstrating consumers' growing preference for used devices at lower prices.

In 2023, Apple surpassed Samsung in smartphone sales for the first time since 2010. The Apple iPhone surpassed the Samsung Galaxy as the world's best-selling smartphone, marking a key shift in the competitive landscape in the industry. The iPhone accounted for a significant portion of the smartphone market last year, with an estimated 235 million units shipped.

The shift to premium devices and the growing market for refurbished phones reflect consumers' changing attitudes towards quality and value. Watching how companies respond to these trends will be important in shaping the future of the smartphone market, emphasising the need for continuous innovation and customer-centric strategies.

Source: Stocklytics