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Global Smartphone Industry to Grow 5.2% to Over 1.3 Billion Units and 5G Smartphones to Capture 60% of Global Market by 2023: MIC
October 14, 2022

Owing to the global economic slowdown and global inflation, which have led to the significant reduction in end-user market demand, global smartphone market volume in 2022 is expected to decline by 6.8% year-on-year to 1.26 billion units, according to Taiwan's government-backed IT research institute MIC (Market Intelligence & Consulting Institute). The decline is attributed to the inventory pileup, which will put stress on the industry until the second and third quarter of 2023. "Global shipment market volume will top around 1.33 billion in 2023, up 5.2% year-on-year. Despite the growth, the industry will unlikely recover to its pre-pandemic level by the end of 2023," said Rachel Liao, senior industry analyst with MIC. "Global 5G smartphone shipments are estimated to grow from 650 million units in 2022 to 840 million units in 2023, accounting for 51.5% and 63.2% of the total smartphone shipments, respectively."

                                  Global Smartphone Shipment Volume, 2021-2026


Source: MIC, October 2022

"Due to several unfavorable factors such as economic slowdown and global inflation, MIC has revised shipment volume of the global smartphone industry downward for the third times this year with the revised rate of 8.9%." When it comes to individual brands, it is anticipated that Apple's iPhone shipments will reach approx. 2.38 million units in 2022 and Apple will be the only brand to enjoy a year-on-year growth of 3% this year owing to the iPhone 14 launch.

Established in 1987, MIC (Market Intelligence & Consulting Institute) is a division of III (Institute for Information Industry), a major government think tank, and one of the leading IT research institutes in Taiwan.

To know more about this topic, please visit: Worldwide Smartphone Forecast, 2022 - 2026 (April 2022 Update)Development Trends and Key Issues for 5G in 2022

,Taiwan ICT Industry Outlook, 2021 and Beyond

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