Global smartphone sales saw an 8% drop in the third quarter of this year compared to the same period last year, marking the ninth consecutive quarter of decline, according to a report released on Tuesday. Experts predict that the smartphone market will continue to shrink throughout 2023, hitting its lowest point in the past decade. This shift is primarily due to changes in how people replace their devices, especially in more developed regions.
The main reason behind this year-on-year decline in smartphone sales is a slower-than-expected rebound in consumer demand, as stated by Counterpoint Research.
However, there's a glimmer of hope as the market showed a 2% growth in the quarter-on-quarter comparison. This is particularly encouraging news, especially considering the positive performance in September, even though there was a full week less of sales for the new iPhones.
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Samsung maintained its lead in the global market, accounting for a fifth of all sales in the third quarter. Among the new foldable models, the Flip 5 proved to be more popular, outselling its counterpart by nearly twice as much. Meanwhile, Samsung's A-series models continued to dominate the mid-price range market.
Apple secured the second spot with a 16% market share, despite some limitations in the availability of the iPhone 15 series. Nonetheless, the new iPhones have been well-received so far.
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Xiaomi, OPPO, and vivo rounded out the top five, though all three experienced a decline in sales compared to the previous year. In the third quarter, these brands focused on strengthening their positions in crucial markets like China and India, while slowing down expansion efforts in overseas markets.
In a notable exception, HONOR, Huawei, and Transsion Group gained market share and were among the few brands to see year-on-year growth in the third quarter, according to the report.
Inputs from IANS
