Global smartphone replacement rate downturn has accelerated in recent years, due to de-subsidy shift in major countries, the completion of 4G migration, improved smartphone quality, as well as no major hardware innovations. Covid-19 further dragged down the global smartphone replacement rate record low levels in 2020 and 2021. Replacement rate will likely drop down even further in 2022 due to the Russia/Ukraine conflict and economy headwinds. However, the downturn trend would shift from 2023 onwards thanks to economy recovery and 5G migration.
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