The world’s smartphone market isn’t weathering the coronavirus as well as some other industries, with analysts predicting a 16.5 percent decline in smartphone production in Q2 2020.
This investigation into smartphone production was done by the analytics firm TrendForce, with it determining that both consumer interest and COVID-19 are huge issues plaguing the smartphone market.
During Q1 of 2020, production fell 10 percent compared to 2019, with only around 280 million units produced around the world. The report claims this is the lowest smartphone production rate in five years.
The company has higher hopes for Q2 in terms of smartphone production, but it worries that leading out of the pandemic, the economy will be in rough shape, resulting in less spending money in people’s pockets.
With this forecasted downturn in consumer spending, ForceTrend is estimating that smartphone production will drop 16.5 percent compared to Q2 last year. Still, it’s predicting 287 million units, which is still an increase over Q1.
Over the full year, the firm is estimating a total smartphone production of 1.24 billion units.
Finally, the firm is estimating that the world’s 5G phone production is going to hit 200 million units depending oh how well China’s rollout of the new technology goes.
Image source: LG