Phone makers shipped 25.2 million handsets last month in the buildup to China’s second biggest shopping festival, 6.18, which features discounts that stretch from late May into June… marking a rise of over 4 million units compared to the same period a year earlier, according to the China Academy of Information and Communications Technology.
Smartphone providers Apple, Samsung, Oppo and Vivo are likely to see improving demand later this year after a slump through 1H. We expect the smartphone market to drop 4% in 2023 to $480 billion, due largely to early weakness, but China’s reopening, the Apple iPhone 15 refresh cycle and the need to upgrade older devices could be leading catalysts for a rebound later this year and a stronger 2024 recovery. — Woo Jin Ho, senior industry analyst
