Analytics firm Canalys reports that the global smartphone market has tripped for the fifth consecutive quarter, recording a year-on-year decline of 12% in Q1 2023. However, the firm says that this downfall was already expected in the quarter as local macroeconomic conditions created hurdles for smartphone vendors in several markets.
Samsung currently has the largest market share of 22% which seems to be tailgated by Apple with a 21% market share. The increased demand for the iPhone 14 Pro series has been attributed to Apple's success in Q1 2023. However, Apple managed to churn these numbers despite running into iPhone 14 production issues last year due to COVID-19 restrictions.
Furthermore, Xioami (13%), Oppo (9%), and Vivo (8%) have captured big chunks of market share while the remaining 28% is grabbed by various unnamed companies. While Xiaomi's numbers improved due to some new product launches, Oppo and Vivo managed to strengthen their foothold in their home markets as well as the Asia-Pacific region.
Canalys notes that smartphone vendors made heavy investments in promotions and price cuts but that didn't catapult the sluggish consumer demand, particularly in the low-end segment due to high inflation. While the firm has "noticed some signs of moderation in the continued decline," it's a bit too early to predict the recovery of overall consumer demand, it said.