Following a two-year decline, the Philippine smartphone market experienced a resurgence in 2023, marking a 3.8% year-on-year growth to reach 16.9 million units, based on the latest data from market intelligence firm International Data Corp. (IDC).
Transsion soared to the forefront, boasting a 98.3% annual growth and commanding over one-third of total shipments in 2023. This achievement came as Transsion attained a new achievement with all three sub-brands dominating the ultra low-end segment.
Smartphone brand Tecno began its ascent with the introduction of its Phantom series in 2023, marking the brand’s debut in the $500+ price range. According to IDC data, other vendors faced challenges, with realme experiencing the most significant annual decline of 27.6%, slipping to the second position as competitors struggled to vie in the lower than $200 segment.
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“The market made a strong comeback toward the end of 2023, driven by year-end holiday festivities and Transsion’s new product line-up, propelling the lower than $100 price segment to more than double both quarterly and annually,” said Angela Medez, senior market analyst for Client Devices at IDC Philippines.
The market witnessed a notable drop in average selling prices (ASP), plummeting from $200 in 4Q22 to $169 in 4Q23, a 15.1% year-on-year and 15.5% quarter-on-quarter decline. Over 80% of the 5.6 million shipments in 4Q23 fell within the lower than $200 price bracket.
“IDC has raised the forecast for 2024 given the high performance in 4Q23 and optimistic economic outlook as inflation continues to decline and private spending grows,” Medez ended.
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