Source: Statista

Despite the ongoing transition to 5G, which has thrown a lifeline to smartphone manufacturers struggling to keep up growth in the maturing smartphone market, global smartphone shipments dropped to the lowest level in a decade last year. According to estimates from IDC, smartphone vendors shipped 1.17 billion devices last year, down more than 20 percent from 2016, when smartphone shipments peaked at 1.47 billion units.

While many experts think that “peak smartphone” is already behind us, market research group IDC remains hopeful for the industry to return to growth in 2024 and beyond. “The tide has finally turned and it feels safe to say the worst is behind us,” Nabila Popal, research director at IDC, said in November 2023. “As we enter the new era of low single-digit growth and lengthened refresh cycles, it is clear the market is maturing. While the total available market will remain below pre-pandemic shipment levels throughout the forecast, the bright side is that average selling prices and market value will remain notably higher than before.”