Canalys has released a forecast report predicting global smartphone shipments this year and the following four years. The good news for suppliers is that markets such as Latin America (2%), Africa (3%) and the Middle East (9%) will see some degree of recovery in 2023, with global smartphone shipments expected to reach 1.13 billion units in 2023, down 5% compared to 2022.
This trend is not expected to improve until 2024, with smartphone shipments next year expected to be 1.17 billion units, an annual growth rate of 4% compared to the 2023 value.
The new report points out that consumers are willing to spend more on smartphones, with the current average selling price being around $440. Emerging markets will be the center of growth in 2024, with 33% of new smartphones shipped in the Asia-Pacific region in 2024, including markets such as India, South Korea, Vietnam, Indonesia and Malaysia. Rising consumer confidence and improving macroeconomic conditions will stabilize smartphone shipments.
With the exception of North America, all major markets are expected to grow in 2024. Asia Pacific, the Middle East and Africa are expected to grow at an annual rate of 6% in 2024, while Europe will grow at 7%. Canalys also predicts that the demand growth trend will continue to rise in the coming years, eventually reaching 1.25 billion unit shipments in 2027.