The global smartphone market has seen a decline in the number of active brands, dropping from over 700 in 2017 to around 250 in 2023, according to Counterpoint. Factors contributing to this decline include the rise of Chinese smartphone brands, lack of R&D spending by local brands, and market consolidation. Local brands, particularly in regions like Asia-Pacific and Latin America, have struggled to keep up with big brands in terms of R&D and manufacturing capabilities. Additionally, competition from Chinese brands like Xiaomi and Oppo has intensified. The Covid-19 pandemic has further impacted small brands, causing component shortages and operational difficulties.
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From 700-plus in 2017 to 250 in 2023: What led to the exit of 450 companies from the global smartphone market
The global smartphone market has seen a decline in the number of active brands, dropping from over 700 in 2017 to around 250 in 2023, according to Counterpoint. Factors contributing to this decline include the rise of Chinese smartphone brands, lack of R&D spending by local brands, and market consolidation. Local brands, particularly in regions like Asia-Pacific and Latin America, have struggled to keep up with big brands in terms of R&D and manufacturing capabilities. Additionally, competition from Chinese brands like Xiaomi and Oppo has intensified. The Covid-19 pandemic has further impacted small brands, causing component shortages and operational difficulties.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
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