Nearly 500 smartphone brands exit market
The smartphone market, a fiercely competitive arena, has experienced significant shifts since 2017.
Based on statistics from Counterpoint Research, 2023 sees only 250 active smartphone brands. While this number may seem substantial, it's a stark contrast to the over 700 smartphone brands that existed just six years ago in 2017, revealing a startling contraction in the market.
Nearly 500 smartphone brands exit market
From the list of smartphone brands that have exited the market, notable names like LG and Kyocera, though locally available, were among the casualties. While some of these smaller companies were absorbed by larger players, they faced their fair share of challenges.
Counterpoint Research also highlights several contributing factors to these brand exits, including a maturing user base, extended replacement cycles, a growing refurbished market, supply chain disruptions, economic fluctuations, evolving technology, and the efficiency of major manufacturers in producing phones at scale.
Despite these challenges, the report suggests that small manufacturers may have a chance to survive by offering premium devices with distinctive features that set them apart. Notably, brands like Fairphone, though not massive in scale, have thrived by addressing unique customer needs often overlooked by larger competitors.
