The global smartphone market experienced a growth of 8.6% year on year (YoY) in Q4 2023, according to a report by research firm Omdia. This is considered a decent performance, despite rising inflation in some markets. The report also highlighted a 6.5% YoY improvement by Apple during the same quarter.
Positive Growth in Smartphone Market
In Q4 2023, the global smartphone market achieved shipments of approximately 328 million units. This growth marks a significant change in fortunes, ending a streak of 9 consecutive quarters of decline in YoY smartphone shipments since 2021. The market faced numerous challenges in 2022, including supply chain disruptions, but has managed to bounce back.
Apple's Leading Performance
Apple emerged as the top performer among its competitors in Q4 2023. The company recorded shipments of a record-breaking 78.7 million units, representing a 6.5% improvement from the same period in 2022. The surge in shipments can be attributed to the increased demand for the iPhone 15 lineup. On the other hand, Samsung experienced a 9% decline in shipments compared to Q4 2022. Xiaomi, a Chinese powerhouse, continued its recovery efforts with 41.2 million units in shipments. Other notable brands on the list include Transsion, Oppo, Honor, and Motorola.
Positive Outlook for 2024
The outlook for the global smartphone shipment trajectory in 2024 is positive, with expectations of returning to growth this year. However, Omdia predicts potential challenges that could result in declines in the second half of 2024. Factors such as delays in economic recovery, political instability, and the growing demand for used/refurbished smartphones due to reduced purchasing power of consumers may impact the growth trajectory.
