Global smartphone replacement rates reached their peak in 2013 when operator subsidies also reached the record high level. However, replacement rate has been experiencing the downward trend from 2014. The downturn track has accelerated recent years, mainly due to de-subsidy shift in major countries, the completion of 4G migration (phone side), smartphone booming in emerging markets, improved smartphone quality, as well as no major hardware innovations. Covid-19 further dragged down global smartphone replacement rate to a record low in 2020. However, the downturn trend would shift from 2021 onwards thanks to economy recovery and 5G migration.