Global smartphone sales rebound in October after declining for more than 2 years.

In October, global smartphone sales rose after suffering a decline of 27 straight months on a year-over-year basis, with emerging markets leading the growth, according to data from Counterpoint Research.

During the month of October, sell-through transactions, or retail sales volumes, increased 5% year-over-year, according to the report released by the National Retail Federation.

This growth has been led by emerging markets with a continuous recovery seen in the Middle East and Africa, Huawei’s return to China and the onset of the festive season in India, according to the research firm. A slower recovery has been seen in developed markets that have a relatively high level of smartphone saturation, the report explained.

As a result of the company’s Mate 60 Pro smartphone, which was unveiled in September and sparked a lot of consumer interest because of its advanced chips, Huawei recorded the fastest growth in the third quarter among Chinese smartphone makers.

In addition, the report noted that October was the month that saw the highest monthly smartphone sales since January 2022.

As if that wasn’t enough, Apple’s launch of the iPhone 15 series in late September also helped boost smartphone sales. “Compared to last year, the launch of the new iPhone was delayed by a week, which meant that the full impact of the new iPhone sales was felt in October, according to Counterpoint Research.

In the recent past, there have been shortages of key components in smartphones, a buildup of inventory, and a longer replacement cycle impacting sales worldwide.