According to analyst firm IDC, the Philippine smartphone market registered 3.8% year-on-year (YoY) growth to 16.9 million units in 2023.
Transsion took the top spot, growing 98.3% annually and accounting for over one-third of total shipments in 2023 as the company reached a new high with all three sub-brands positioned in the ultra low-end segment (Tecno started to move upwards with the introduction of its Phantom series in 2023, the company’s first smartphone at a $500+ price point).
On the other hand, other vendors slowed with realme registering the biggest annual decline of 27.6%, dropping to the second spot as vendors struggled to compete in the <$200 segment.
“The market made a strong comeback towards the end of 2023, driven by year-end holiday festivities and Transsion’s new product line-up, propelling the <$100 price segment to more than double both quarterly and annually,” said Angela Medez, client devices senior market analyst at IDC Philippines.
Average selling prices (ASP) dropped from $200 in 4Q22 to $169 in 4Q23, declining 15.1% YoY and 15.5% QoQ. Over 80% of the 5.6 million shipments in 4Q23 were in the <$200 price band.
“IDC has raised forecast for 2024 given the high performance in 4Q23 and optimistic economic outlook as inflation continues to decline and private spending grows,” Medez ended.