The global smartphone market experienced a fifth consecutive quarter of decline, falling by 12 per cent (year-on-year) in Q1 2023, a new report has shown.
According to market research firm Canalys, Samsung was the only major manufacturer to show a quarter-on-quarter improvement, climbing back to first place with a 22 per cent market share.
Apple fell to the second position with a 21 per cent market share, closing the gap with Samsung due to the strong demand for its iPhone 14 Pro series in Q1 2023.
"The smartphone market's decline in the first quarter of 2023 was within expectations throughout the industry," said Canalys analyst Sanyam Chaurasia.
"The local macroeconomic conditions continued to hinder vendors' investments and operations in several markets. Despite price cuts and heavy promotions from vendors, consumer demand remained sluggish, particularly in the low-end segment due to high inflation affecting consumer confidence and spending," he added.
Moreover, the report said that Xiaomi held on to the number three position with an 11 per cent market share, while OPPO and vivo strengthened their positions in the Asia Pacific region and their home markets, accounting for 10 per cent and 8 per cent of the market share respectively.
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"There have been improvements in demand for certain smartphone products and price bands. Furthermore, some smartphone vendors are becoming more active in production planning and ordering components. Canalys predicts that the inventory of the smartphone industry, irrespective of channel or vendor, can reach a relatively healthy level by the end of the second quarter of 2023," said Canalys analyst Toby Zhu.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)