Global Smartphone Market Shows Signs of Recovery After 27-Month Decline

In a notable turnaround, the global smartphone market has displayed signs of recovery after facing a 27-month decline. Counterpoint Research reports that October 2023 marked a turning point, with sell-through rates showing a year-on-year growth of 5%, breaking the negative streak that began in mid-2021.

Emerging Markets Lead the Way

The recovery is notably driven by emerging markets, with the Middle East and Africa witnessing continuous improvement. Huawei's resurgence in China and the festive season in India have played pivotal roles in the positive shift. In contrast, developed markets, characterized by higher smartphone saturation, are experiencing a slower recovery.

Huawei's Impact on China

China's smartphone market, particularly, witnessed a significant boost attributed to Huawei's comeback. The release of Huawei's Mate 60 Pro in September, featuring advanced chip technology, fueled consumer interest and contributed to the fastest growth among smartphone makers in the country.

Apple's iPhone 15 Series and Market Dynamics

Counterpoint Research points out that the introduction of Apple's iPhone 15 series in late September played a crucial role in October's surge. The delayed launch by a week allowed the full impact of the new iPhone sales to be felt in October. Additionally, developed markets are noted to be at a saturation point, contributing to a slower recovery in sales.

Market Share and Industry Dynamics

Samsung continued to lead the global smartphone market in the third quarter, boasting a 20% share of total smartphone sales. Apple followed with a 16% market share, while Chinese brands Xiaomi, Oppo, and Vivo secured 12%, 10%, and 8% respectively.

Market Outlook

Counterpoint Research anticipates a continued gradual recovery in the global smartphone market for the remainder of Q4 2023 and beyond. The research firm foresees sustained growth, with the holiday season approaching and emerging markets driving demand for new offerings.

Via

Source