NEW YORK, Sept. 23, 2022 /PRNewswire/ -- Several massively disruptive political, economic, and social headwinds—soaring interest rates, looming food and energy shortages, a devastating and needless war, and the changing nature of work–are creating an especially challenging climate. According to global technology intelligence firm ABI Research, these headwinds will lead to a 7% year-over-year decline in the smartphone market.
- According to global technology intelligence firmABI Research, these headwinds will lead to a 7% year-over-year decline in the smartphone market.
- "The challenging headwinds and notable inventory corrections conspired to outweigh any growth potential in 1H 2022, which has tempered smartphone demand amid a period of weak seasonality," said David McQueen, Consumer Technologies Research Director at ABI Research.
- The current expectation is that the total market will decline 7% Year-over-Year (YoY) in 2022 to reach 1.24 billion units, while 5G smartphones will grow 15% in 2022 to around 683 million versus a previously expected increase of 28%.
- McQueen shared his findings in ABI Research's new whitepaper, 2022 State of Technology Report: The Future of Technology in a Tumultuous World .