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The first half of 2023 wasn’t kind to the smartphone industry. Sales dropped globally, with pretty much every major vendor suffering a decline in shipments. It appears the second half won’t be any better. According to market research firm Counterpoint, smartphone sales declined eight percent YoY (year-on-year) in the third quarter of 2023, dropping to the lowest Q3 levels in a decade.
The global smartphone market continued its decline in Q3 2023
Counterpoint’s research shows that global smartphone shipments have declined YoY for the ninth consecutive quarter in Q3 2023. This means the market hasn’t recovered since the second quarter of 2021. The firm says consumer demand continues to remain low amid economic uncertainties due to various global issues. However, it expects this downward spiral to finally stop in the year-ending quarter.
The signs of this recovery can be seen when comparing the smartphone sales volume for Q2 and Q3. Shipments have grown about two percent QoQ (quarter-on-quarter). New foldable launches from Samsung and the arrival of the iPhone 15 series may have triggered this growth. With festive sales all over the world in the fourth quarter, the industry may post a positive YoY change in shipments in Q4 2023.
The overall shipment volume for the full year may remain lower than in 2022, though. In fact, Counterpoint expects annual shipments to be at the lowest level in the past decade. The first says this is “largely due to a shift in device replacement patterns, particularly in developed markets.” People are now holding onto their phones longer than before. Extended update support from vendors may be one of the reasons for this shift.
Samsung remains the world’s largest smartphone company
Samsung has been the world’s largest smartphone company for several years now. It occasionally concedes the top spot to Apple (mostly in the fourth quarter of the year), but leads the chart for the full year. Things may remain unchanged this year as well. The Korean firm led the Q3 2023 chart by a healthy margin. It captured 20 percent of the global market this past quarter.
Apple sits at the second spot with a 16 percent market share. Xiaomi, Oppo, and Vivo make up the top five smartphone brands, with the three Chinese companies accounting for 12 percent, 10 percent, and 8 percent of global sales, respectively. None of the top five companies increased its market share in Q3 2023. Honor, Huawei, and Transsion Group (Tecno maker) increased their shipments but not enough to break into the top five.
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