According to research firm IDC, the smartphone market had its worst-ever global Smartphone Shipments Suffer Largest Ever Decline in Q4 2022 as a result of inflation and the economic slump.
IDC(Opens in a new window) said on Wednesday that smartphone shipments only hit 300.3 million units in the most recent quarter, a decrease of 18.3% from the previous year and the “largest-ever decline in a single quarter.”
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All of the main smartphone manufacturers, including Apple, had double-digit declines in shipment volume during the quarter. In addition, the smartphone market declined for the sixth straight quarter in Q4.
Similar shipment figures for the same period were reported by a rival research firm, Canalys, which claimed that Q4 represented the poorest performance in a decade.
In 2022 as a whole, smartphone shipments were just 1.2 billion units, a decline of 11.3% from the previous year.
The lowest yearly shipment total since 2013, according to IDC, will occur in 2022 as a result of drastically reduced consumer demand, inflation, and economic uncertainty.
“Shipments during the holiday quarter have never been fewer than in the preceding quarter. Vendors, however, dramatically reduced their shipments.
Smartphone Shipments Suffer Largest Ever Decline in Q4 2022 as a result of inflation and the economic slump.
As a result of weak demand and high inventory, according to IDC researcher Nabila Popal.
IDC predicts that the smartphone market may not experience shipment increase until the very end of 2023 as a result.
Persistent inflation, which is stifling consumer demand, is one factor. Another aspect is the decision of many smartphone owners to postpone an upgrade.