The global smartphone market grew for the first time since 2017, with annual shipments reaching 1.39 billion units in 2021, according to the latest research from Counterpoint Research’s Market Monitor service. Despite the 4% annual growth, however, annual shipments remained below the pre-pandemic level due to continued COVID-19 impacts as well as component shortages.
Commenting on the overall market dynamics, Senior Analyst, Harmeet Singh Walia said, “The global smartphone recovery in 2021 followed a pandemic-hit 2020 and subsequent pent-up demand in regions like North America, Latin America and India. Growth in the US was driven largely by demand for Apple’s first 5G-enabled iPhone 12 series seeping through to the first quarter of 2021; demand which continued throughout the year ending on a strong Q4 thanks to Black Friday and holiday season promotions. India, too, had a good year due to higher replacement rates, better availability and more attractive financing options in mid-to high-tier phones. However, China, the world’s biggest smartphone market, continued to decline due to supply-side issues caused by the ongoing component shortages, as well as demand-side issues resulting from lengthening replacement cycles.
The major brands navigated the component shortages comparatively better and hence managed to grow by gaining share from long-tail brands,” said Harmeet.
Courtesy: Counterpoint Research
