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

In a recent research report, market analyst firm trendforce has suggested that the global smartphone market is expected to decline as the year continues. According to the report, a total of 310 million units of smartphones were produced globally in the first quarter of 2022, which saw a decline of 12.1 percent compared to the previous quarter. The report cited the stringent COVID lockdown in China as a major reason behind this decline.
According to the report, the COVID situation in China is not the only reason as the market is battling rising inflation. At the same time, the Russo-Ukraine war is also playing an important role in reducing the numbers. Meanwhile, the decline in the first quarter is mainly due to the impact of the lockdown in China; The second quarter is said to be plagued by rising global inflation. The firm is revising its expectations for 1.333 billion units by 2022, and it says there is still room for lower revisions in the future.
Due to the pandemic situation, China’s market share has fallen from 24.2 percent last year to 21.1 percent. Further, the shipment forecast has been revised to 238 million units from last year’s 325 million units, a decline of 12.9 percent.
Despite the decline, China is expected to remain the largest market in the smartphone industry this year with a market share of 21.1 percent. Meanwhile, India and the US are expected to account for 13.1 per cent and 11 per cent of the shipments this year.

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