Males stroll taking a look at their smartphones within the Midtown space of New York Metropolis, U.S., October 5, 2023. REUTERS/Shannon Stapleton/File Photograph Purchase Licensing Rights
Oct 16 (Reuters) – The worldwide smartphone market contracted by 8% to its lowest third-quarter degree in a decade on subdued demand for main manufacturers together with Apple (AAPL.O) and Samsung (005930.KS) in most developed markets, in line with knowledge from Counterpoint Analysis.
The info, shared solely with Reuters, confirmed that the share of the highest 5 manufacturers, which additionally embody Chinese language corporations Xiaomi (1810.HK), Oppo and Vivo, had fallen to a three-year low.
The report followers fears that the market’s ongoing hunch may sap upcoming earnings at corporations like Apple, whose shipments declined by 8% within the quarter. Market chief Samsung posted a 13% drop in sell-through volumes within the interval.
Amongst people who gained market share within the quarter are Apple’s Chinese language rival, Huawei, which regardless of the strict U.S. sanctions in opposition to it, shocked the business earlier this yr with its Mate 60 Professional smartphone that makes use of a sophisticated domestically made chip.
However total shipments rose 2% industrywide from the second quarter, elevating hopes that the market may snap its greater than two-year run of year-on-year declines within the final three months of the yr.
Counterpoint cited the iPhone 15 lineup that went on sale in September as an element that might assist revive progress in developed markets akin to the US, Europe and Korea.
“Following a robust September, we count on the momentum to proceed till the year-end starting with full impression of iPhone 15 sequence,” the market analysis agency stated.
It stated the festive season in India, the 11.11 sale occasion in China and end-of-year promotions throughout areas would additionally assist the market.
To date, rising markets have been a vivid spot for smartphone gross sales in an in any other case dour yr. Within the third quarter, the Center East and Africa have been the one areas to report year-on-year progress, in line with Counterpoint knowledge.
Reporting by Akash Sriram, Juby Babu and Aditya Soni in Bengaluru; Modifying by Pooja Desai
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