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Analyst IDC has decreased its predictions for worldwide smartphone shipments this year, forecasting them to grow 0.6% YoY to 1.24 billion units, citing uncertainty and tariff volatility.
The forecast was reduced from the 2.3% growth in its February forecast, a drop which it attributed to high uncertainty, tariff volatility and macro-economic challenges such as inflation and unemployment, leading to a slowdown in consumer spending.
Growth will remain in low single digits throughout the forecast period, with a five-year (2024-2029) compound annual growth rate (CAGR) of 1.4% “due to increasing smartphone penetration, lengthening refresh cycles, and cannibalization from used smartphones,” said IDC.
