China Smartphone Market Set for Recovery in 2024 After Years of Decline
• China's smartphone market expected to recover in 2024 after 3 years of declines, with 287M units shipped, up 3.6% YoY per IDC • Recovery driven by improving macroeconomy and consumer demand for upgrades to models with more storage • Domestic brands like Xiaomi and Huawei competing fiercely, launching competitive products • Q4 2022 first shipment growth in 10 quarters thanks to new phones like Huawei Mate 60 series • Foldable smartphone shipments in China poised for 53% growth in 2024 to nearly 10M units