The global smartphone market will grow by the end of the year

The global smartphone market will grow by the end of the year
The global smartphone industry, which has been severely affected by the ongoing pandemic, is starting to gradually return to growth. This is reported by the well-known analytical company International Data Corporation (IDC).

In the third quarter of this year, IDC estimates that approximately 353.6 million smart cell phones were shipped worldwide. The drop in relation to the same period in 2019 was at the level of 1.3 %.

In the current quarter, IDC experts believe that global smartphone shipments will increase by 2.4 % year-on-year. This will be facilitated by the rapid recovery of supply chains, as well as the rapid development of the segment of devices with 5G support.

In the period up to 2024, the CAGR (average annual growth rate in compound percent) in the global smartphone market is expected to be 1.3 %.

Analysts also predict that in 2020, 5G smartphones will account for almost 10 % of the total supply of smart cell phones. At the same time, their average cost will be $611, a decrease of a quarter compared to 2019.

In 2024, IDC believes that the share of smartphones with 5G support in total shipments will reach 29 %. By that time, the average price of such devices will decrease to $453.
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