MIC (Market Intelligence & Consulting Institute), a Taipei-based research institute, forecasts that the shipment value of the Taiwanese smartphone industry is expected to decline for the first time in 2016, dropping 5.4% year on year to reach around NT$2.13 trillion (US$65.5 billion; US$1 = NT$32.5), reported the Commercial Times on May 31. For Taiwanese smartphone contract makers, shipments of Apple iPhone range are expected to fall by 3.9% this year, while the lower priced iPhone SE will also drag down the industry's overall shipment value. Meanwhile, the lackluster shipment volume and delay in new product launch of Taiwanese smartphone branded vendors will also take their toll on the industry. Due to the slowdown in the worldwide smartphone market, Taiwanese smartphone branded vendors have shifted to Southeast Asia and other emerging markets and seek to increase product value by developing VR (Virtual Reality) or wearable devices, said MIC.