February 24, 2024

MediaBizNet

Complete Australian News World

Global smartphone sales rebound after two years of decline: Counterpoint

Global smartphone sales rebound after two years of decline: Counterpoint

  • Counterpoint Research said the global smartphone market grew 5% year-on-year in October after a 27-month contraction.
  • The growth was driven by a recovery in emerging markets, Huawei’s return to China, and the launch of Apple’s iPhone 15 in September, among other factors.
  • “After strong growth in October, we expect the market to grow year-on-year in the fourth quarter of 2023 as well, putting the market on the path to gradual recovery in the coming quarters,” the research firm said.

Apple CEO Tim Cook holds a new iPhone 15 Pro during an Apple event on September 12, 2023 in Cupertino, California.

Justin Sullivan | Getty Images

Global smartphone sales rose in October after falling for 27 consecutive months year-on-year, driven by a rebound in emerging markets. Data from Counterpoint Research show up.

Sales transactions, or retail sales volumes, rose 5% year over year in October, according to the report.

“Emerging markets led this growth with an ongoing recovery in the Middle East and Africa, Huawei’s return to China and the start of the holiday season in India,” the research firm said. Developed markets with relatively high smartphone saturation have seen a slower recovery, she added.

Huawei recorded the fastest growth among smartphone makers in China in the third quarter after the company launched its Mate 60 Pro smartphone in September which generated a lot of consumer interest due to its advanced chip.

October also recorded the highest monthly smartphone sales since January 2022, the report said.

The launch of Apple’s iPhone 15 series in late September also helped boost smartphone sales. “Compared to last year, the launch was delayed by a week, meaning the full impact of new iPhone sales was felt in October,” Counterpoint Research said.

READ  Sam Bankman-Fried attests that attorneys were involved in key FTX decisions

Global smartphone sales have been impacted by component shortages, inventory backlogs and longer replacement cycles.

“These issues have been exacerbated by the uncertain macroeconomic environment and as a result, global smartphone sales have declined year-on-year every month for more than two years,” the research firm said.

Technology research firm Canalys said last month that the decline in global smartphone sales was slowing With the third quarter Shipments drop by only 1% Compared to a 10% decrease in the previous quarter.

“Growing demand for new offerings in emerging markets is driving brands and channels forward as the holiday season approaches,” said Sanyam Chaurasia, senior analyst at Canalys.

South Korea Samsung continued to lead the global smartphone market In the third quarter, with a 20% share of total smartphone sales, according to data from Counterpoint Research. Apple ranked second with a market share of 16%, followed by Chinese brands Xiaomi (12%), Oppo (10%), and Vivo (8%).

Counterpoint Research expects the global smartphone market to grow further in the fourth quarter.

“After strong growth in October, we expect the market to grow year-on-year in the fourth quarter of 2023 as well, putting the market on the path to gradual recovery in the coming quarters,” the research firm said.