Global legitimate handset and smartphone sales volume will decline -4% YoY and -5% YoY in 2020 respectively. The outbreak of coronavirus has made global smartphone market back to the contraction phase this year. Assuming the virus outbreak will be largely contained in most countries after April / May, we predict both handset and smartphone sales volume will slightly rebound to +1% YoY in 2021, mainly driven by the growth of emerging markets in Asia Pacific. The "Big Five" countries globally will be China, India, United States, Brazil and Indonesia by 2025. Emerging markets are outgrowing developed markets.
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