Global Smartphone Shipments Decline To 3.2% YoY:IDC While this marks the lowest full-year volume in a decade, driven largely by macroeconomic challenges and elevated inventory early in the year, growth in the second half of the year has cemented the expected recovery for 2024

By Entrepreneur Staff

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Canva

The global smartphone market remains challenged, but momentum is moving quickly toward recovery. A sort of shifting of power at the top of the largest consumer electronics market was driven by an all-time high market share for Apple and a first time at the top.

According to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker, global smartphone shipments declined 3.2 per cent year over year to 1.17 billion units in 2023. While this marks the lowest full-year volume in a decade, driven largely by macroeconomic challenges and elevated inventory early in the year, growth in the second half of the year has cemented the expected recovery for 2024. The fourth quarter (4Q23) saw 8.5 per cent year-over-year growth and 326.1 million shipments, higher than the forecast of 7.3 per cent growth.

"While we saw some strong growth from low-end Android players like Transsion and Xiaomi in the second half of 2023, stemming from rapid growth in emerging markets, the biggest winner is clearly Apple," said Nabila Popal, research director with IDC's Worldwide Tracker team. "Not only is Apple the only player in the Top 3 to show positive growth annually, but also bags the number 1 spot annually for the first time ever. All this despite facing increased regulatory challenges and renewed competition from Huawei in China, its largest market. Apple's ongoing success and resilience is in large part due to the increasing trend of premium devices, which now represent over 20 per cent of the market, fueled by aggressive trade-in offers and interest-free financing plans."

"The overall shift in ranking at the top of the market further highlights the intensity of competition within the smartphone market," said Ryan Reith, group vice president with IDC's Worldwide Mobility and Consumer Device Trackers. "Apple certainly played a part in Samsung's drop in rank, but the overall Android space is diversifying within itself. Huawei is back and making inroads quickly within China, Brands like OnePlus, Honor, Google, and others are launching very competitive devices in the lower price range of the high end. And foldables and increased discussions around AI capabilities on the smartphone are gaining traction. Overall, the smartphone space is headed towards a very interesting time," added Reith.

Entrepreneur Staff

Entrepreneur Staff

Editor

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Related Topics

Finance

Here's What Entrepreneurs Expect from RBI Guidelines for P2P Lending Platforms

Some entrepreneurs think it will provide legal sanctity to P2P lending platforms

Marketing

7 Ways to Create a Seamless Marketing Campaign Across All Platforms

Achieving cross-platform harmony requires strategic goal-setting, customized content optimization, and a mix of paid and organic efforts.

Business News

Who Owns The Rights to Your AI-Generated Content? Not, It's Not You. Uncover The Scary Truth That Puts AI Users At Risk.

The realization that copyright laws do not protect AI-generated material might come as a shock to many.

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

IKEA Price Increases Are Going Viral — Here's How Much Your Favorite Couch Costs Now: 'Inflation Is Crazy'

A video with a customer complaining about "inflation" and "corporate greed" has racked up over 1.3 million views on TikTok.

Marketing

Traditional Ads Are Annoying — These 4 Megatrends Will Change Marketing in 2024

These four major marketing trends are set to explode this year.