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The smartphone market is still in a difficult situation due to the poor economic climate and low customer demand. One of the giants feeling this effect is Apple, which saw its iPhone global smartphone market share fall to 16% from the 17% share it had in the same quarter last year.
Counterpoint Research shares the news in a new report for the year’s third quarter, revealing that the entire smartphone market dropped to its lowest in ten years.
“Global smartphone sell-through volumes fell 8% YoY in Q3 2023, the ninth consecutive quarter to record a decline, but grew 2% QoQ, according to the latest research from Counterpoint’s Market Pulse service,” the report reads. “Volumes declined YoY largely due to slower than expected recovery in consumer demand.”
According to the firm, even Samsung, which is leading the market by having a fifth of the total sales in Q3, reached “its lowest quarterly level in the last decade.” Xiaomi, OPPO, and Vivo, the brands within the top five of the list, also experienced a YOY decline. The three brands generally experienced the biggest drops at 15%, 15%, and 14%, respectively. Samsung followed at 13% YoY decline, while Apple has the lowest among the five at 9%.
On the other hand, while the entire smartphone market is expected to decline this entire year, Counterpoint stresses that there are “opportunities” in this market. As the report highlights, brands outside the top five are growing, which include HONOR, Huawei, and Transsion Group.
Moreover, Counterpoint believes there will be some improvements in the future, as shown by the market’s QoQ growth. It describes September as a strong month, with this positive performance expected to last until the year-end. According to the research company, different events will influence this, including “the full impact of the iPhone 15 series.”