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Business trends

Apple suppliers struggle to grow profits in saturated smartphone market

Foxconn and peers pin hopes on next-generation technologies

Apple suppliers are all having to look for new areas of growth in next-generation technologies as smartphone sales fall. (Photo by Konosuke Urata)

TAIPEI/HONG KONG -- Apple suppliers in Asia are coming under increasing pressure to grow profits as the smartphone market plateaus and while next-generation technologies are still in development stages.

The smartphone industry has been the main pillar of the consumer electronics market over the past decade. Annual smartphone shipments surged to 1.465 billion units last year from just 151.4 million units in 2008, data from research company IDC showed.

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