Global smartphone market touches 10-year low but Apple's iPhone shines
What's the story
The global smartphone market has hit a 10-year low, with an 8% year-on-year drop in Q3 2023, as reported by Counterpoint Research.
Despite the overall slump, Apple held strong with a 16% market share, just a tad less from 17% in Q3 2022.
The iPhone 15 series' warm welcome, even with limited availability, is credited for Apple's resilience.
Details
Market leaders and shipment changes
Samsung tops the chart with a 20% share, followed by Apple, Xiaomi at 12%, OPPO at 10%, and Vivo recording 8%.
When it comes to shipment changes, Apple saw a 9% decrease year-on-year in Q3.
In comparison, Samsung's shipments fell by 13%, Xiaomi's by 15%, OPPO's by 10%, Vivo's by 14%, and other vendors experienced a 26% drop.
Nonetheless, analysts are hopeful about quarter-to-quarter growth, "despite one full week less of sales of the new iPhones."
What Next?
Factors contributing to market decline
The "slower than expected recovery in consumer demand" is touted to be the main culprit behind the global smartphone market's downturn.
Counterpoint predicts the market will fall for 2023 as a whole, making it the "lowest level in the decade." The reason for this is a "shift in device replacement patterns, particularly in developed markets."
However, the report also points out the positive performance in September due to new iPhone sales as a glimmer of hope.
Insights
Apple's role in driving Q4 sales
Counterpoint Research predicts that Apple's iPhone 15 series will be a key player in driving sales during Q4.
Upcoming festive season sales in India, China's 11.11 sales event, western holiday sales, and year-end promotions across regions could help put the brakes on year-on-year declines in Q4 and give the market a much-needed boost.
This showcases Apple's enduring clout and strength within the dwindling global smartphone market.