Canalys’ new research reveals that in Q3 2022 the global smartphone market declined by nine per cent year after year, marking it the worst Q3 since 2014.
The current economic situation has led many consumers to avoid purchase of electronic devices and focus their spending on essentials, the survey highlighted.
With a 22 per cent market share, Samsung maintained its top spot due to intense promotions to lower channel inventory.
Due to relatively steady demand for iPhones, Apple was the only vendor in the top five to report positive growth, significantly strengthening its market position with an 18pc share during the market downturn.
While maintaining 14pc, 10pc, and 9pc of the worldwide market share, respectively, Xiaomi, OPPO, and Vivo continued to be cautious in their international expansion due to the uncertainties in their home markets.
The research also predicted that this decline would continue for another six to nine months- dampening the global smartphone market.
“As demand shows no signs of improvement moving into Q4 and H1 2023, vendors have to work on a prudent production forecast with the supply chain while working closely with the channel to stabilise market share,” said Canalys Analyst Sanyam Chaurasia. “Going into the sales season, consumers who have been delaying purchases will expect steep discounts and bundling promotions as well as significant price reductions on older generation devices.”
