Global monthly smartphone sales have recorded its first year-on-year (YoY) growth since June 2021, breaking a streak of 27 months of consecutive declines.
That is according to preliminary numbers from Counterpoint Research’s Smartphone 360 Monthly Tracker which has revealed that sell-through volumes grew 5% YoY in October 2023, also marking the biggest monthly smartphone sales since January 2022.
Emerging markets led the recovery, with Middle East and Africa (MENA) showing the highest YoY growth, followed by China and India, it said.
Huawei’s comeback in China and festive season onset in India contributed significantly to the recovery, the latter punching far above its weight to account for the largest share of monthly global gains.
Source: Counterpoint
Global smartphone sales have been under stress for the last two years due to factors including component shortages, inventory build-up and lengthening of replacement cycles. These issues have been compounded by an uncertain macroeconomic environment. Amid the revival, developed markets with relatively higher smartphone saturation have been slower to recover.
Globally, one of the key growth factors when compared to last year has been the late launch of the iPhone 15 series. As there was a one-week delay this year, the full effect of the new iPhone sales was felt in October.
Following this strong growth in October, Counterpoint said it expects the market to grow year-on-year in Q4 2023 as well, setting out on a path to gradual recovery in the coming quarters.
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