We forecast global smartphone wholesale revenue will drop -10% YoY in 2020 under the hit of COVID-19. But it will rebound quickly from 2021 onwards, driven jointly by volume growth and the improved ASP.

As the market grows over the next five years, global revenues will keep the upwards track back by industry consolidation, increased replacement sales in higher tier segments, hardware innovations (flexible display etc.), higher ASP, and migration towards 5G.

We expect premium tier segment will maintained as the largest band by value, while mid-tier will remain as the largest band by volume till 2025.