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The Economic Times

National

Global smartphone market faces record annual decline as chip crunch worsens

Counterpoint Apple Wang Yang Memory

The global smartphone market is heading for its steepest annual contraction on record, with shipments projected to slump by 13.9% this year to 1.08 billion units, Counterpoint Research said on Monday, citing a worsening shortage of memory chips. The forecast is a downgrade from the 12.4% decline projected in February, with the squeeze in global chip supply exacerbated by the Iran war.

IMPACT MOST ACUTE AT BUDGET END OF MARKET

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