Analysts cut 2009 cell phone growth estimates

The global cell phone market should grow at much slower-than-expected rates next year as consumers put off buying new devices due to deepening economic concerns, according to forecasts from analysts. While industry executives often say cell phones are the last thing consumers will give up to save money, analysts are now citing lengthening phone replacement cycles and weakening economies around the world for their weaker sales estimates. UBS analyst Maynard Um halved his forecast for 2009 global handset growth to 3 percent from 6 percent, pointing to particular weakness in Europe and North America.