Global smartphone shipments dipped 3 percent to 334.6 million in the first quarter of 2016, according to Strategy Analytics.

Smartphone growth is slowing due to increasing penetration maturity in major markets like China and consumer caution about the future of the world economy.

This is the first ever decline – on an annualized basis — in the global smartphone market.

Samsung Electronics has 24 percent smartphone market share by shipping 79 million (–4 percent) smartphones in Q1 2016.

Apple shipped 51.2 million (–16 percent) smartphones for 15 percent (18 percent). Apple is facing iPhone fatigue and pressure is mounting for Apple to innovate a new wow design beyond its standard rectangle formfactor.

Huawei shipped 28.3 million (+64 percent) smartphones for 8 percent smartphone market share in Q1 2016 from 5 percent a year ago.

“Huawei is closing the gap on Apple, but Huawei itself is now being chased hard by ambitious rivals like OPPO and Vivo,” said Strategy Analytics.

OPPO shipped 15.5 million smartphones for 5 percent smartphone market share.

Xiaomi maintained fifth place with 4 percent smartphone share.

Xiaomi remains under pressure from OPPO, Vivo and others across Asia, while it is still weak in North America and Western Europe and the vendor will need to target these regions more aggressively if it wants to catch Huawei and others in the future,” said Strategy Analytics.

IDC has rated vivo as the fifth largest smartphone maker in the world.