The world’s largest market for smartphones – China has seen the worst demand slump in years – with shipments falling 22% this year.
The nation has seen a total of 214.5 million units shipped from January to October this year – compared to the 275.3 million units from the same period last year. Well, this is due to China’s strict zero-covid policy and economic turmoil, which led to manufacturing supply chain issues, thus, low demand.
China’s Smartphone Market in 2022
In the industry of smartphones, China is the biggest market player, with hundreds of millions of smartphones being demanded every year. But now, in 2022, the country has seen the worst slump in years – falling it’s shipment demand by 22% this year.
This was recorded by China’s Academy of Information and Communications Technology (CAICT) – a scientific research wing of the Ministry of Industry and Information Technology. As per it’s report, a total of 214.5 million smartphones have been shipped to China from January to October this year, compared to last year’s 275.3 million units in the same period.
In October alone, the volume has declined by 27.2% year on year to 23.8 million units in China! While this points to a weak forecast for the next year too, IDC analysts say that the nation will pick up shipment demand in 2024 anyway.
Well, the change has already started, with China loosening the zero-covid policy it’s implementing now. To date, this led many companies to struggle with their manufacturing supply chain – as with worker protests and COVID cases rising up every day.
Local OEMs like Xiaomi and others have laid off employees to keep up with the economic downturn, while Apple – China’s biggest smartphone brand with a 25% market share, is unable to keep up with the changes happening in the country.
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