Demand for smartphones slowing down

The current international political constraints causing economic uncertainty, have impacted the global smartphone market. According to a report by Counterpoint Research, the smartphone market across the world has receded by 12%, year-on-year.  Although the global smart phone market has grown by 2% (quarter-on-quarter) at 301 million units in Q3, it is still at its lowest Q3 level since 2014.

As per the report, among the top five players, Apple grew by 2% YoY. Samsung’s shipments fell by 8% YoY but grew 5% QoQ. Xiaomi, OPPO and Vivo, recovered marginally by capturing the market as Apple and Samsung pulled out from Russia. Associate director Jan Stryjak expected a ‘sluggish demand’ for the smart phones in 2023. 

Harmeet Singh Walia, senior analyst said, “Russia’s escalating war in Ukraine, ongoing China-US political distrust and tensions, growing inflationary pressures across regions, a growing fear of recession, and weakening national currencies all caused a further dent in consumer sentiment, hitting already weakened demand”.