The smartphone revenue fell 9 percent to $409 billion in 2022, the lowest since 2017, according to Counterpoint Research. The global smartphone market declined 18 percent to 304 million units in Q4 2022.
“The smartphone market remained under pressure in the fourth quarter of 2022 as the cost-of-living crisis, shortage in the labour market and a decline in consumers’ purchasing power resulted in double-digit declines in the shipments of each of the top five smartphone players,” said Senior Analyst Harmeet Singh Walia.
Apple achieved an all-time high revenue share of 48 percent in 2022, and captured the highest-ever operating profit share of 85 percent.
Chinese smartphone players suffered from domestic lockdowns for much of the year in addition to facing global economic and geopolitical difficulties. Shipments of Xiaomi, OPPO and Vivo fell by more than 20 percent each.