Global Smartphone Market to Fall 12% in Q1 2023: Report
The global smartphone market experienced its fifth consecutive quarter of decline, falling 12 percent (in the first quarter of 2023 compared to the same period in 2023), a new report shows.
According to market research firm Canalys, Samsung was the only major manufacturer to improve from the quarter, returning to first place with a 22 percent market share.
Apple slipped to second place with 21 percent market share, closing the gap on Samsung due to strong demand for its iPhone 14 Pro series in the first quarter of 2023.
“The decline in the smartphone market in the first quarter of 2023 was in line with expectations across the industry,” said Canalys analyst Sanyam Chaurasia.
“Local macroeconomic conditions continued to hinder suppliers’ investments and operations in several markets. Despite price cuts and strong promotions by sellers, consumer demand remained muted, especially in the lower-end segment, as high inflation affects consumer confidence and spending,” he added.
Additionally, according to the report, Xiaomi maintained the third position with 11 percent market share, while OPPO and vivo strengthened their positions in the Asia-Pacific region and their home markets with 10 percent and 8 percent market shares. market share.
“Demand for certain smartphone products and price categories has improved. In addition, some smartphone manufacturers have become active in production planning and ordering components. Canalys predicts that smartphone industry inventories, regardless of channel or vendor, may reach a relatively healthy level by the end of the second quarter of 2023,” said Canalys analyst Toby Zhu.
Read all the Latest Tech News here.
