- The market requires double-digit solid growth in the next few months to see annual growth in 2023
- In the upcoming festive season, smartphone brands will try to spur consumer demand with affordable 5G launches
2023 is a challenging year for the smartphone industry, as the first half of 2023 has showcased a 10% decline in smartphone shipping.
A report by International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker says, compared to last year, online platforms have dropped by 15%, while the offline channel grew by 11%.
Samsung, Vivo and OnePlus have led the 5G industry. These companies have a combined share of 54%. The report shared that Apple’s iPhone 13 and OnePlus’ Nord CE3 Lite were the highest-shipped 5G models in 2Q23. Apple has earned a massive 61% YoY growth, whereas, OnePlus, has also marked a healthy growth of 61%.
“Consumers are opting for premium offerings, driven by easy and affordable financing options. IDC expects this growth momentum to continue in the upcoming months in 2023,” said Upasana Joshi, Research Manager, Client Devices, IDC India.
POCO’s C series models are quite popular because of their affordable rates. The company has registered the highest growth amongst the top ten brands. Vivo’s V series models have made Vivo’s name among the market leaders, closely followed by Samsung, which focused on the growth of its higher-end portfolio.
“In the upcoming festive season, the brands will try to spur consumer demand with affordable 5G launches, pre-booking offers, and loyalty/upgrade programs clubbed with festive discounts. The market requires strong double-digit growth in the next few months to see annual growth in 2023, which looks unlikely now,” says Navkendar Singh, AVP – Devices Research, IDC.
