Monday, April 15, 2024

PH smartphone market records biggest annual decline of 8.6% in 2022

According to research firm IDC, the Philippines smartphone market declined 8.6% year over year (YoY), shipping 16.3 million units in 2022.

Though the last quarter in 2022 grew 6.3% quarter over quarter (QoQ), it registered a 16.3% decline compared to last year as several vendors focused on clearing out inventories rather than bringing in new shipments during the holiday season due to unfavorable market conditions.

“Both consumer and vendor confidence have been seriously dampened as inflation progressively soared throughout 2022 ending the year at a 14-year high,” said Angela Medez, senior market analyst at IDC Philippines.

Realme maintained the top spot in 2022 by launching several new smartphones in the narzo series to cater to the price-conscious customer.

Transsion was the only company in the Top 5 rankings that registered growth. Both of its Infinix and Tecno brands upscaled their products in bringing in more models in the higher price range of $100+, such as Infinix’ Note series and Tecno’s Pova and Camon series, while itel continued to cater to the entry-level segment.

“Though inventory levels started to normalize towards the end of 2022, IDC is lowering its forecast for 2023 as vendors will remain cautious in their shipments amid the looming economic uncertainties and accelerating inflation,” Medez added.

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