The smartphone market, which is still reeling under the first ever annual decline in 2018, is poised to grow in the emerging markets, a new report by Counterpoint Research said on Friday.

Emerging markets contribute 59 per cent of global smartphone shipments. Excluding China, they make up 32 per cent of the global smartphone market.

“Recently, the International Monetary Fund (IMF) projected that economic growth in emerging markets, during 2019, will be faster (4.7 per cent) than developed markets (2.1 per cent). This is a good omen for the smartphone market,” Tarun Pathak, Associate Director at Counterpoint Research, said in a statement.

According to Counterpoint’s “Market Outlook”, emerging markets excluding China (EMXC) will grow faster (6 per cent) than in 2018 (4 per cent).

The growth rate continues to be faster than the overall smartphone market, which is likely to see a second successive year of decline in 2019.

“Growth in emerging markets is a positive indicator for certain OEMs looking to expand in these markets,” Pathak added.