Global Smartphone Forecast by OEM: May 2021 Update
May 6, 2021
Author : Jene Park
The global smartphone market in 2021 was 1,392 m units, an annual growth rate of 4.5%. Despite pent-up demand for smartphones, 2021 still had a lower than expected growth rate, mainly due to the re-emergence of COVID-19 mutations, a shortage of key semiconductor components and a continued sluggishness in the China market.
Among the clear and concerning factors likely to influence the market in 2022, we consider the following to be most critical factors:
1) The continued impact on smartphone OEMs due to the shortage of some components.
2) The impact of the omicron (and potentially other) variant and the response of governments – especially China – as they deal with fast-moving outbreaks. .
3) The spread of market uncertainty caused by the Ukraine-Russia crisis.
4) Global financial pressures including inflation, and possibly recession.
5) China has not recovered to the same level it was pre-pandemic. We must determine the new base level for China’s smartphone market.
Published Date: May 2021