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Smartphone shipments declined 3 percent annually in the first quarter of 2018, according to a new data shared by research firm Counterpoint.
However, Samsung remained the leader, shipping 78 million devices and capturing 21.7 percent market share.
Samsung shipments grew 5 percent with the launch of its latest flagship, the Galaxy S9, and S9.
Apple which surprised the analysts with a strong fiscal 2018 second-quarter results, shipped 52.2 million devices, reporting 14.5 percent market share at the second spot.
The firm said that top 10 players now capture 76 percent of the market, thereby leaving over 600 brands competing for the remaining 24 percent of the market.
Tarun Pathak, Associate Director at Counterpoint Research said: "The waning smartphone demand is due to a slowdown in developed markets where replacement cycles are lengthening with overall smartphone features and design reaching its peak. However, emerging markets still offer a sizeable opportunity for OEMs to expand and grow as smartphone penetration by users in still around 45 percent."
The firm further said that Huawei with 10.9 percent and Xiaomi with 7.5 percent market share followed Samsung and Apple.
OPPO with 6.1 percent share was at the fifth place.
"The saturating China smartphone market is forcing the Chinese smartphone players to invest and expand beyond their home market. The efforts have been realized as the performance of Chinese brands in MEA, Europe and the rest of the Asian markets has been strong," said Research Analyst Shobhit Srivastava.
"The ideal smartphone market for Chinese brands are the emerging smartphone markets such as Bangladesh, Myanmar and Middle East & Africa where LTE is being launched for the first time or the network is expanding to more covered geographies. The North America market has been problematic for Chinese brands and the ban on ZTE will further decline their share in the region," he added.
Meanwhile, Nokia HMD, iTel, Xiaomi, Tecno, OnePlus and Huawei were the noted brands in the fastest growing category. OPPO, vivo, Samsung in the top 10 smartphone category reported declines in Q1 2018.
iTel entered the top 10 smartphone market for the first time, together the three smartphone brands of Transsion holdings (Tecno, iTel, and Infinix) accounted for over 10 million smartphones shipped in Q1 2018.