Global Smartphone Market Grows 5% after 2 Years of Slump

The global smartphone market rebounded to progressive trend in October after more than two years of slump, according to data from Counterpoint Research reported by Reuters.

The data suggested that the global monthly smartphone sales volumes grew 5%, breaking the 27 consecutive months of slump on an annualized basis.

The key factors to the decline of the global smartphone market for the last two years are component shortages, inventory build-up and lengthening of replacement cycles.

The market research firm also said that it expects the market to grow year-on-year in the fourth quarter of 2023, following the strong growth in October.