Smartphone Market Bounces Back with Q4 Growth

According to the latest report from IDC, Q4 smartphone shipments are expected to experience a 7.3% year-on-year growth. This positive trend is seen as a significant turning point for the industry, as stated by IDC's Nabila Popal.

The recovery of the smartphone market is predicted to continue in 2024, with an expected growth rate of 3.8%. Following this, the market is projected to experience low single-digit growth from 2022 to 2027, resulting in a 1.4% five-year compound annual growth rate (CAGR).

However, for the entirety of 2023, smartphone shipments are forecasted to decline by 3.5% year-on-year, reaching 1.16 billion units.

On the other hand, the average selling price (ASP) of smartphones is anticipated to rise by 5.5% in 2023, reaching $438. This marks the fourth consecutive year of growth for ASP, driven by the increasing demand for premium smartphones across all regions.

Despite this positive outlook, IDC predicts that ASP growth will gradually taper off and decline to $396 by 2027. Nevertheless, this remains higher than previous forecasts.

In terms of market share, iOS experienced a 0.6% growth in Q3, achieving a record share of 19.6% this year. In contrast, Android is expected to decline by 4.4%. Over the long term, Android is projected to grow slightly faster than iOS, increasing its market share to 81.3% by the end of the forecast period.