The worldwide smartphone market is expected to decline 9.5 per cent year over year in 2020 with shipments totaling 1.2 billion units, according to a recent International Data Corporation (IDC) report. The smartphone market, however, is expected to return to a full recovery by 2022 on the back of strong 5G push.
“On a positive note, IDC expects the smartphone market will return to a full recovery by 2022, and will achieve a compound annual growth rate (CAGR) of 1.7 per cent over the five year forecast, largely driven by the assumption that smartphones will continue to be the computing platform of choice for most of the world,” it said.
As per IDC report, 5G smartphones are expected to capture 50 per cent of the global market by 2023. It expects global 5G smartphone average selling prices (ASPs) to hit $495 by 2023, which would eliminate most of the price