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On the other hand, Motorola (NYSE:MSI) and Nokia (HE:NOKIA) HMD managed to buck the trend, witnessing shipment growth of 31% and 17% respectively. Despite robust promotions from carriers, upgrade rates hit near-record lows as consumers chose to retain their devices for longer periods.
However, new entrants in the market such as foldable smartphones are emerging as potential catalysts for a market rebound. Devices like Samsung Galaxy Z Flip, OnePlus’s first foldable smartphone, and Motorola Razr 2023 are gaining traction among consumers, noted the analysts.
Looking ahead to the fourth quarter of 2023, a seasonal rebound in upgrade rates is expected. Counterpoint analysts predict that this rebound will be driven in part by a large base of iPhone 11 and iPhone 12 users likely to switch to the iPhone 15 series. However, they anticipate that upgrade rates will remain lower than those of the previous year. All information was sourced from IANS.
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