According to the Market Intelligence & Consulting Institute (MIC), the global mobile phone market is grappling with lackluster demand due to inflationary factors and an uncertain macroeconomic environment. This situation has led to reduced order visibility. However, promotional activities have aided inventory adjustments within the smartphone supply chain, resulting in gradual improvements in inventory levels during the first quarter of 2023.

Worldwide Mobile Smartphone Volume, 1Q 2021 – 3Q 2023

Source: MIC, June 2023

MIC predicts that global smartphone shipments in 2023 will reach approximately 1.163 billion units, marking a 3% decline compared to the previous year. While smartphone component imports from China to the United States still dominate, there has been a remarkable growth rate of 832% in imports from India to the United States during the first quarter of 2023. In contrast, imports from China and Vietnam have experienced declines, highlighting India's growing manufacturing strength in the smartphone industry both domestically and globally.

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

To know more about this topic, please visit: Worldwide Smartphone Forecast, 2022 - 2026 (April 2022 Update), Global Business Strategies of ICT Industries Under Current Supply Chain Changes

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