Shipments of smartphones will decline 6.5 percent to 1.27 billion units in 2022. According to IDC, the decline is due to record-breaking inflation, geopolitical tensions, and other macroeconomic challenges that have significantly dampened consumer demand.
IDC expects the setback will be short term and the smartphone market will rebound in 2023 with 5.2 percent growth year over year and, in the long term, a five-year compound annual growth rate (CAGR) of 1.4 percent.
Smartphone shipments forecast to dip 6.5% in 2022: IDC
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