The previous reports claim that the global smartphone market will shrink, but Apple expects the iPhone 14 series to keep up with demand levels in 2021. While analysts’ forecasts are less optimistic, Apple appears confident, saying it requires suppliers to build at least 90 million next-generation iPhones. According to Bloomberg, Apple expects to assemble a total of 220 million iPhones in 2022.
Apple weathered the pandemic-era recession well. Mac shipments, for example, grew in the first quarter of 2022 despite a decline in the broader PC market. In the second quarter of 2022, Apple’s market share is the best since 2012, with 16% of the global mobile phone market. Apple’s iPhone also captured 62% of the global market for mobile devices over $400 in the first quarter, suggesting that Apple’s target audience is still willing to spend on high-end devices.
IDC forecasts that the global mobile phone market fell 9% in the June quarter and will shrink 3.5% in 2022. At a time when Android devices are struggling, strong demand for Apple’s new products comes from a group of buyers still keen to consume high-end devices. Huawei’s gradual demise in the international consumer mobile product market has also weakened competition among high-end smartphones.
Hon Hai Precision Trade Co., the world’s leading maker of the popular iPhone, said this week that sales of its good customer electronics must change slightly in 2022, with Apple Inc. An adviser to the company declined to comment.
With financial and geopolitical uncertainty clouding the outlook for 2022 and beyond, the world’s most profitable company has pledged to keep a tight rein on spending. Bloomberg reported last month that Apple will slow spending and hiring at several of its groups in 2023.
This week, U.S. inflation studies were cooler than expected, raising hopes that rate hikes won’t be as aggressive as expected. However, market watchers warned that the financial outlook remained bleak.
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