Based on the latest key assumptions including the lasting geopolitical tensions, COVID related manufacture disruption in China, and the cloudy global economy outlook, Strategy Analytics has lowered the global smartphone shipment forecast numbers in 2022 and 2023. In consequence, the smartphone replacement rate will fall even further in 2022. In 2023, the replacement rate would reach the bottom. However, the downturn trend will terminate and move up from 2024 onwards thanks to economy recovery and 5G migration.