The demand for Chinese smartphones grew in the third quarter of 2023 in Nigeria as smartphone shipments in the Middle East and African region were up by 23 percent year-on-year in the third quarter of 2023.
This was disclosed in the latest research from Counterpoint’s Market Monitor Service.
It stated that smartphone shipments rose by 11 percent quarter-on-quarter in Q3.
According to the report, the strong demand for Tecno phones in the quarter in Nigeria and other key markets in Africa was partially responsible for the growth recorded.
Also, many major markets recorded y-o-y improvements in their key macroeconomic indicators, like unemployment and inflation, which helped improve consumer sentiment during the quarter. The firm noted that the smartphone share of total handset shipments rose to 61 percent in Q3 2023.
Commenting on the market’s performance, Research Analyst, Ravyansh Yadav, said, “The MEA region grew the fastest among all regions, building on the momentum from Q2 2023 as economies continued to recover. This also made OEMs aggressive in capturing demand.
“The market reached levels last observed in 2021, before the global macroeconomic crisis, from which many developed markets are still struggling to climb out.
“The MEA region has huge untapped potential, especially due to rapid digitalisation and a rising services economy. The smartphone is becoming increasingly more essential in the region, a trend we observed nearly a decade ago in developed markets like North America, Europe, and East Asia.”
The firm added, “Tecno was among the biggest gainers in Q3, benefitting from strong demand for its recent launches like the Spark 10, Pop 7 and Camon 20 series, particularly in Nigeria and other key markets in Africa.”
The MEA region represents the next big market opportunity for smartphone brands as more people transition from feature phones to smartphones.
Also, the market is expected to continue moving to higher price bands.
Commenting on the MEA smartphone market’s price trends, Senior Analyst, Yang Wang, highlighted, “Consumers are increasingly opting for better devices, which have become more affordable owing to a rise in financing options.
“Apple has benefitted greatly from this, with its shipments steadily growing YoY over the past year. The wholesale average selling price of smartphones sold in MEA has also grown 13 per cent YoY, with the share of price bands above $200 continuing to increase. This trend is likely to continue as the MEA region, like many regions before, approaches maturity within the next decade driven by a rapidly rising digital economy.”
Source: Punch
