Africas smartphone market shrunk by 18% last year

News Summary

  • The slump was driven by a reduction in consumer spending due to inflation, and economic uncertainties, but it was not unique to Africa as smartphone shipment dipped across major markets last year.
  • Africa’s smartphone market shrunk by 18% in 2022 compared to the previous year, according to the International Data Corporation (IDC).
  • Egypt’s requirement that all import payments be done through letters of credit (LCs) has disrupted the market greatly, as the country has only approved a few, prioritizing essential goods instead.
Africas smartphone market shrunk by 18% in 2022 compared to the previous year, according to the International Data Corporation (IDC). The slump was driven by a reduction in consumer spending due to i [+2419 chars]