The downwards momentum in credit lending coupled with job losses and the severe financial impact on substantial institutions in the United States and around the world has had a whiplash effect on the global mobile device market. The about-turn in market confidence has been remarkable. For the first two quarters of 2008, the global mobile handset marketplace reported year-on-year increases of 14% and 13.9%, respectively. As 3Q 2008 closed and economic and electronics data started to come in from regional markets, it became apparent that a number of economic drivers are undermining the mobile device market. As a result, ABI Research has revised its 4Q 2008 and 2009 full year forecasts.
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