After the new Research According to the International Data Corporation (IDC), global smartphone shipments are expected to decline by 3.2% in 2023, driven by a weaker economic outlook and persistent inflation. Smartphone shipments are expected to reach 1.17 billion units this year.
IDC estimates that the smartphone market recovery will begin in 2024 with year-over-year growth of 6%. But consumer demand is recovering much more slowly than expected in all regions, analysts said.
“If 2022 was a year of excess inventory, then 2023 is a year of caution” reports Nabila Popal, director of research at IDC Mobility and Consumer Device Trackers. — While everyone wants their stocks ready for the wave of the inevitable recovery, no one wants to get stuck in them for too long. It also means brands that take risks can potentially reap great benefits from increased market share when the time is right.”
However, IDC noted that the foldable smartphone segment continues to evolve despite the above issues. “We continue to see more foldable devices on the market, which is a major technological advance for the industry, but the timing is bad.” said Ryan Reith, group vice president of mobile and consumer device tracking at IDC.
According to CNET, the foldable phone market is dominated by the Samsung Galaxy Z Fold 4 and Z Flip 4. Recently Google introduced Motorola released its first foldable phone, the Pixel Fold, and released an updated version of its Razr foldable phone. In addition, Honor and Oppo also offer foldable devices.