TECH SUPPLIER Sep 2020 - Market Forecast - Doc # US46848720
Worldwide Smartphone Forecast Update, 2020–2024: September 2020
This IDC study presents the updated five-year forecast for smartphone shipments worldwide by operating system. The worldwide smartphone market will reach a total of 1.24 billion units shipped in 2020, down 9.5% from the 1.37 billion units shipped in 2019. From there, shipments will reach 1.49 billion units in 2024, the final year of our forecast period, resulting in a CAGR of 1.7%.
"Regardless of the continued negative impact on the smartphone market from the pandemic, vendors continue to push their 5G portfolios to a variety of channel partners despite the fact that consumer demand remains relatively low for these next-generation devices," said Anthony Scarsella, research manager with IDC's Worldwide Quarterly Mobile Phone Tracker. "With many vendors having 5G portfolios well set in place before COVID-19 disrupted the market, aggressive pricing and promotions will be needed to attract consumers to upgrade as 5G remains a novelty rather than a necessity to most. Our recent survey data show that things such as price, battery life, and durability still outweigh having 5G on a device."
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