The latest data from the International Data Corporation’s (IDC) Quarterly Mobile Phone Tracker reveals a 3.8 percent year-on-year (YoY) growth in the Philippines smartphone market, reaching a total of 16.9 million units in 2023.
Notably, China-based Tecno made significant strides in the market with the introduction of its Phantom series, marking its entry into the US$500+ price range for the first time.
However, other smartphone vendors faced challenges in the Philippines, with Realme witnessing the largest annual decline of 27.6 percent, slipping to the second position. The intense competition in the sub-US$200 segment posed difficulties for vendors, contributing to Realme’s decline.
Other vendors collectively accounted for 16.7 percent of the market share, experiencing a 25.1 percent decline.
The average selling prices (ASP) of smartphones declined from US$200 in the fourth quarter of 2022 to US$169 in the fourth quarter of 2023, marking a 15.1 percent YoY and 15.5 percent QoQ decrease. Over 80 percent of the 5.6 million shipments in the fourth quarter of 2023 fell within the sub-US$200 price band.
IDC has revised its forecast for 2024 upwards following the robust performance in the fourth quarter of 2023 and the positive economic outlook, characterized by declining inflation rates and growing private spending.