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The Economic Times

Economy / The Economic Times

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Global smartphone market faces record annual decline as chip crunch worsens

The global smartphone market faces its biggest annual drop ever. Shipments are expected to fall by nearly 14 percent this year. This is due to a severe shortage of memory chips. The impact is hitting budget phones the hardest. Makers are shifting production to more profitable chips. This makes cheaper phones difficult to produce. Premium phones are proving more resilient.

3 Jun 2026 1:48 pm