Ongoing international political tensions leading to economic uncertainty have hit the smartphone market, although it reversed its fall below 300 million last quarter thanks to a slight quarterly recovery in shipments from Apple and Samsung, according to the report.
“Russia’s escalating war in Ukraine, ongoing Sino-US political mistrust and tensions, growing inflationary pressures in all regions, growing recession fears and weakening national currencies have all caused a further dent in consumer sentiment, hitting already weakened demand,” a senior analyst explained. Harmeet Singh Walia.
Apple was the only brand in the top five to post 2% year-over-year growth, increasing its market share by two percentage points to 16%.
Samsung’s shipments were down 8% year-on-year, but rose 5% quarter-on-quarter to 64 million, driven by record pre-sales of its high-end foldable and flip-top smartphones, compared to the same quarter of the year last.
Xiaomi, OPPO and vivo rallied slightly after taking heavy hits from lockdowns in China in the second quarter, and as they captured more of the market lost by Apple and Samsung’s exit from Russia.
“With the full force of the latest iPhone launch being felt in the fourth quarter, we expect further quarterly improvement in the coming quarter, although central bankers’ attempts to control inflation will further reduce consumer demand. “said associate director Jan Stryjak.
However, shipments are unlikely to match last year’s levels, let alone Q4’s pre-pandemic levels of over 400 million units.
“Longer-term in 2023, we expect sluggish demand with replacement rates getting longer, especially in the first half of the year,” Stryjak added.
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