Smartphone Market Crashes, Billions of Rupees Lost

Market research firm Strategy Analytics reports that the global smartphone exports have fallen by 38 percent (YOY) in February following the outbreak of the Corona virus (COVID-19). This is the largest ever decline in the history of smart phone market worldwide. According to Strategy Analytics Director Linda Sui, global smartphone exports fell 38 percent year-on-year to $ 61.8 million in February 2020 from 99.2 million units in February 2019, according to Strategy Analytics Director Linda Sui. Smartphone demand in Asia last month following the outbreak of covid-19 Decreased, which dragged worldwide
exports. Some Asian factories could not make smart phones. However, Sui said in a statement that many consumers are unable to visit retail stores and buy new equipment.

A large part of smart phone production is in China, which stopped production in January following the outbreak of the novel Corona Virus. This has not only limited consumer electronics but also disrupted supply chains to many industries around the world.

February saw the largest ever decline in the history of the smartphone market worldwide. Supply and demand for smartphones have also fallen in China. Slowly across Asia, the rest of the world slowed down. Neal Mawston, executive director of Strategy Analytics, said the smart phone industry is a time to forget.

Despite the temporary signs of recovery in China, global smart phone exports continue to remain weak throughout March, the market research firm said. Fear of coronavirus has spread to Europe, North America and elsewhere. Millions of wealthy consumers are not ready to shop for new equipment.