Global Smartphone Market Rebounded with 7% Annual Growth Rate in Q4 2023

Author: Linda Sui

Global Smartphone Market Rebounded with 7% Annual Growth Rate in Q4 2023

According to new research from TechInsights, global smartphone shipments rebounded at 7.1% YoY to 317 million units in Q4 2023. Apple topped the global smartphone market with 23% share. Samsung ranked in second place with 17% market share. Xiaomi, Transsion and vivo make up the rest of the top-five list, followed by OPPO (OnePlus), Honor, Lenovo-Motorola, Huawei and Realme. For 2023 full year, Samsung ranked the top place with 20% market share, followed by Apple, Xiaomi and other Chinese brands.

Global smartphone shipments grew 7.1% YoY to 317.0 million units in Q4 2023. It ended the downturn track over the past nine quarters in a row. For 2023 full year, global smartphone shipments stood at 1151.6 million units, down 3.9% YoY. The market recovered largely driven by the normalized inventory level and the improved demand from end users, as well as the new product launch cycles from major players like Apple in Q4 2023. India and other emerging markets delivered a solid result and led the recovery. China and North America market remained the downturn track but improved from previous quarters. Western Europe stabilized annually amid economic headwinds.

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