The global smartphone market fell 9 percent during the third quarter of 2022 as consumers decided to delay purchasing electronic hardware and prioritize other essential spending.
Performance in Q3 2022 indicates that it was the third consecutive decline this year, marking the worst Q3 since 2014. The gloomy economic outlook will likely continue to dampen the smartphone market for the next six to nine months.
Samsung retained its leading position with a 22 percent market share driven by heavy promotions to reduce channel inventory.
Apple recorded positive growth, improving its market position further with an 18 percent share during the market downturn thanks to demand for iPhones.
While Xiaomi, OPPO and Vivo took a cautious approach to overseas expansion given domestic market uncertainty, retaining 14 percent, 10 percent and 9 percent global market shares, respectively.
“For vendors, the priority is to reduce the risk of inventory building up given deteriorating demand. Vendors had significant stockpiles going into July, but sell-through gradually improved from September owing to aggressive discounting and promotions,” said Canalys Analyst Amber Liu.
“Going into the sales season, consumers who have been delaying purchases will expect steep discounts and bundling promotions as well as significant price reductions on older generation devices. A slow but steady festive sale is anticipated in Q4 2022,” said Canalys Analyst Sanyam Chaurasia.