The economic downturn is supposedly hitting the global cell market. According to the latest market reports, the global cell phone market is growing at much slower-than-expected rates.

Even its is expected that growth will remain the same next year as consumers put off buying new devices due to slowing economy.

Contradictory to this announcement, industry executives said that cell phones are the last thing that consumers will give up to save money or will face the fury of downturn.

The earlier cell phone forecasts have been halved by the research agencies and have indicated that in 2009 global handset growth will slump to 3 percent from 6 percent.
 
Also many telco companies have reduced their GDP growth accounting this reduced handset estimates.

The initial warnings were spun off by Nokia also stating that the cell phone market would be hurt by weakening consumer confidence in many markets in 2008 and the company itself would lose market share in the third quarter.

Pointing to Samsung Electronics following Nokia, and Motorola the number 3 mobile phone maker the report cited that these companies are struggling to regain its footing since the start of 2007.

Satinder Kaur/ITVoir Network