From 700-plus in 2017 to 250 in 2023: What led to the exit of 450 companies from the global smartphone market

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The global smartphone market has seen a decline in the number of active brands, dropping from over 700 in 2017 to around 250 in 2023, according to Counterpoint. Factors contributing to this decline include the rise of Chinese smartphone brands, lack of R&D spending by local brands, and market consolidation. Local brands, particularly in regions like Asia-Pacific and Latin America, have struggled to keep up with big brands in terms of R&D and manufacturing capabilities. Additionally, competition from Chinese brands like Xiaomi and Oppo has intensified. The Covid-19 pandemic has further impacted small brands, causing component shortages and operational difficulties.

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