In a recent research report, market analyst firm TrendForce It has been suggested that the global smartphone market is expected to decline as the year progresses. According to the report, a total of 310 million units of smartphones were produced globally in Q1 2022, a decrease of 12.1 per cent over the previous quarter. The report cites tight COVID lockdowns in China as one of the main reasons behind the decline.
According to the report, Kovid’s position in China is not the only reason the market is struggling with rising inflation. At the same time, the ongoing Russia-Ukraine war is also playing a role in reducing numbers. Meanwhile, the decline in the first quarter is mainly due to the impact of the lockdown in China; Global inflation is expected to rise in the second quarter. The firm is revising its expectations for 2022 to 1.333 billion units and says there is still room for improvement in the future.
Due to the epidemic, China’s market share fell to 21.1 percent from 24.2 percent last year. In addition, shipment forecasts have been revised from last year’s 325 million units to 238 million units, down 12.9 percent.
Despite the decline, China is expected to remain the largest market in the smartphone industry this year with a market share of 21.1 percent. India and the US, meanwhile, are expected to account for 13.1 per cent and 11 per cent, respectively, of shipments this year.