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Wednesday, May 25, 2022

Smartphone market expected to decline further in 2022, here’s why

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In a recent research report, market analyst firm TrendForce has suggested that the global smartphone market is expected to decline as the year continues. As per the report, a total of 310 million unit smartphones were produced globally in Q1 of 2022, witnessing a decline of 12.1 per cent compared to the last quarter. The report cites the stringent COVID lockdown in China as one of the major reasons behind this decline.
The COVID situation in China is not the only reason as the market struggles from the increasing inflation, as per the report. At the same time, the ongoing Russia-Ukraine war is also playing a role in bringing down the numbers. Meanwhile, the drop in the first quarter is mainly due to the impact of the lockdown in China; the second quarter is said to suffer from the increasing global inflation. The firm is revising its expectations for 2022 to 1.333 billion units, and it says that there is still room for lowered revisions in the future.
Due to the pandemic situation, China’s market share has fallen to 21.1 percent from 24.2 percent last year. Furthermore, the shipment forecast has been revised from 325 million units last year to 238 million units, declining by 12.9 percent.
Despite the decline, China is expected to remain the biggest market in the smartphone industry this year with a market share of 21.1 percent. Meanwhile, India and US are expected to have a 13.1 percent and 11 percent share of shipments this year.

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