The world’s largest smartphone market is not expected to see growth until 2024

The world’s largest smartphone market is not the US. Heck, the US isn’t even second. China is in first place, followed by India and the USA in third place. However, 2022 was not a great year for the Chinese smartphone market, and according to analysts, growth is not expected this year either. China’s market may not grow until 2024 due to supply chain issues and low consumer spending.

Research firm IDC estimates that smartphone shipments in China in 2022 will decreased by 10% to 285 million According to English South China Morning Post. (SCMP), IDC analyst Will Wong (based in Singapore) sees wealthy Chinese consumers not bothering to upgrade their phones this year and more interested in traveling abroad. Other Chinese consumers simply want to reduce their spending. “China’s smartphone market is expected to see full-year growth in 2024,” says Wong.

Smartphone sales in China were weak even on Singles Day

The weakness of China’s smartphone market is not something that came out of the blue. According to the China Academy of Information and Communications Technology (CAICT), smartphone sales fell 23.6 percent in the first 11 months of last year. The latter is a research institute managed by the Ministry of Industry and Information Technology.

Even last November’s Singles Day was a failure. It’s an unofficial Chinese holiday that falls on November 11 and kicks off a season known for smartphone discounts. This holiday in China celebrates those who are not in a relationship. Usually, during this holiday, the sales of phones in the country are the highest. in 2022 Singles’ Day smartphone sales fell 36% year over year to 22.2 million.

A separate report by CINNO Research states that in 2022 in November sales in China were the worst month since 2015. The research firm said it was the 10th consecutive month of slower year-over-year growth in Chinese smartphone sales. This trend started in 2022. February. and continues.
CINNO analyst Charlie Zhou pointed out that “Despite Singles’ Day and other promotional activities, the market is much less enthusiastic than in previous years.” All of China’s top five smartphone brands saw a sharp decline in sales in November. The most popular brand, Apple, sold 4.8 million units that month. iPhone units, with the biggest Singles Day sales drop coming from fifth-placed Vivo, which fell 36.2% to 3.2 million units.
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According to CINNO, China’s smartphone sales in 2022 will reach 250-260 million It would be the worst year for smartphone sales in the world’s biggest market since 2015. CINNO Zhou does not expect China’s smartphone market to recover quickly this year. “Industrial production and market consumption will take time to gradually recover, and the impact (of China’s Covid policy) is expected to persist through the first quarter of 2023.” half a year

Smartphone innovation comes from China

And while Huawei is back with high demand for its flagship Mate 50 series. Xiaomi recently announced that 900 layoffs this year will make 10% of its workforce redundant. Among those convicted were the group’s president, Wang Xiang, and a couple of the company’s founders.
A lot of innovation in the smartphone industry is happening in China, and some of it is coming from brands owned by BBK Electronics. The company owns the top five smartphone brands in China, including Oppo, Vivo, Realme, OnePlus and iQOO. For example, Realme is expected to launch the GT Neo 5 next month. which will offer 240W fast charging. This is the fastest charging speed for devices using USB-C charging ports.
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The 4,600mAh battery that will keep the lights on in the Realme GT Neo 5 variant with 240W charging (there is another model with a 5,000mAh battery and 150W charging) could charge from 0% to 100% in just nine minutes. Imagine being able to drain your phone’s battery in less than 10 minutes.


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