A smartphone is seen on a selfie stick in Manhattan, in New York City, New York U.S., February 11, 2022.
REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 21 (Reuters) - The global smartphone market returned to growth in October after more than two years of slump, helped by a recovery in the emerging markets, according to data from Counterpoint Research.
The data showed that global monthly smartphone sell-through volumes grew 5%, making October the first month to record year-on-year growth since June 2021, breaking the streak of 27 consecutive months of negative year-on-year growth.
The global smartphone sales have been under stress for last two years affected by various issues starting with component shortages, inventory build-up and lengthening of replacement cycles, Counterpoint said in its report.
"Following strong growth in October, we expect the market to grow year-on-year in the fourth quarter of 2023 as well, setting the market on the path to gradual recovery in the coming quarters," the market research firm said.
Persons:
Andrew Kelly, Baranjot Kaur, Rashmi
Organizations:
New York City , New York U.S, REUTERS, Counterpoint Research, Thomson
Locations:
Manhattan, New York City , New York, East, Africa, China, India, Bengaluru