The smartphone market is on the verge of a serious crisis due to the negative developments in recent years. Speaking of the chip crisis and the pandemic, now the Russia-Ukraine war broke out and deeply affected the industry. In fact, the decline started again in the area where there was a great recovery before the war. So how is the smartphone market at the moment?
Significant decline in global smartphone market
The effects of the coronavirus, which entered our lives in 2019, are slowly disappearing today. In fact, in 2021, the smartphone market grew for the first time in 5 years. However, after the Russian-Ukrainian crisis broke out, the arrows were turned down again.
Market research firm Counterpoint Research has revealed the latest situation in the global smartphone market in its new report published recently. Accordingly, since 2020, when the coronavirus dominated, sales fell below 100 million for the first time.
Of course, it would not be right to talk only about war here. Because, factors such as inflation, coronavirus and the recession in China -due to quarantine- are of great importance in the decline of the market. Counterpoint Research states that there is a 4 percent monthly decrease and a 10 percent decrease on an annual basis.
Looking at the report, we can say that two factors come to the fore: the Russia-Ukraine war and the quarantine in China. These deeply affect the global supply chain and cause the demand for smartphones to fall.
Global smartphone market latest status
Of course it won’t go on like this. According to the Counterpoint macro index, the market will continue to decline this summer. However, recovery will begin in the second half of this year.
So what do you think about this subject? When will the global smartphone industry return to previous levels? Don’t forget to share it with us in the comments section!
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