(Image credit: Nothing)

If you're in the market for a new phone, you might be surprised by the cost of some models out there. Prices have been steadily rising over the last few years, making owning high-end devices less of a possibility for most people.

Now, Carl Pei – former co-founder of OnePlus and current CEO of Nothing – has taken to Twitter to explain why. In the article, Pei explains the memory shortage which has plagued the tech industry for the past few years.

That short supply means that prices have also gone up. Pei says, "Modules which cost less than $20 a year ago could exceed $100 by year-end," which showcases some of the difficulties manufacturers are facing.

He goes on to suggest that the landscape for brands is stark. Manufacturers must either "raise prices, by 30% or more in some cases, or downgrade specs," he suggests.

A new era for phones?

Pei goes on to talk about how Nothing has been built for this environment – one where the race for more specs at a lower price gives way to a design-led preference which focuses on the user experience. And honestly, I don't think he's too far off the mark.

(Image credit: Future)

Users will always look for some spec improvement when upgrading their handsets, but the pace at which those improvements have come to market feels like it has slowed of late. It's not uncommon for users to hang on to their handsets for three to four years now, where two was very much the norm a few years ago.

There's no telling quite how this will all play out. Personally, I hope that the need for something different pushes the envelope, progressing the technology we have available to us.

In the short term, though, I suspect more and more of us will be turning towards the more affordable alternatives from large brands and interesting products from challenger brands in a bid to restore a sense of value in what we use.