Global Smartphone Market Rebounds with Growth in October, Ending Two-Year Decline

In a surprising turnaround, the global smartphone market experienced growth in October after more than two years of decline, according to a report by Counterpoint Research. This recovery was primarily driven by improved performance in emerging markets and the late launch of Apple’s iPhone 15 series.

For the past couple of years, the global smartphone market has faced numerous challenges, including uncertainty in the macroeconomic landscape, component shortages, inventory build-up, and lengthening replacement cycles. These factors created a significant strain on the industry, leading to continuous declines in sales.

Counterpoint Research identified several regions that played a crucial role in the market’s resurgence. The Middle East and Africa (MEA) region showed signs of recovery, along with India, China, and the late release of the highly anticipated iPhone 15. In particular, India’s festive season contributed significantly to the overall growth, surpassing expectations.

One notable factor behind the market’s rebound was the delayed launch of Apple’s iPhone 15 series compared to the previous year. With the new models hitting the shelves in October, the full impact of these sales was felt, contributing to the positive growth in the industry.

Following a robust expansion in October, Counterpoint Research predicts continued year-on-year market growth in the fourth quarter of 2023. However, it highlighted that developed markets, characterized by higher smartphone saturation, have shown a slower pace of recovery compared to emerging markets. Nevertheless, the launch of the iPhone 15 series has had a positive impact on these markets as well.

After more than two years of declines, the global smartphone market has finally found its momentum with growth experienced in October. Emerging markets, coupled with the late release of Apple’s iPhone 15 series, played a vital role in this recovery. As the industry continues to navigate through challenging macroeconomic conditions and supply chain constraints, the positive trend in October provides hope for a brighter future for smartphone manufacturers worldwide.