Global Smartphone Market Down 9%
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Update time : 2022-10-20 11:42:54
The global smartphone market suffered its third consecutive quarterly decline in the third quarter of 2022, down 9% year-over-year, making this quarter the worst-performing third quarter since 2014.
Samsung led the market with a 22% market share through a strong promotional campaign to reduce channel inventory. Apple was the only vendor in the top five to achieve positive year-over-year growth in the quarter, further improving its market position with an 18% share due to relatively resilient market demand for iPhones during the market downturn. Given the uncertainty in the domestic market, Xiaomi, OPPO and Vivo continued to take a cautious approach to overseas expansion, with global market shares of 14 percent, 10 percent and 9 percent, respectively.
Canalys analyst Amber Liu said, "Consumer demand has a strong influence on smartphone market performance, and vendors are adjusting quickly to the tough business environment. For most vendors, the immediate priority is to reduce the risk of inventory build-up amid deteriorating market demand. in July, vendors faced high-water mark inventory pressure, but sales conditions gradually improved from September onwards due to aggressive discounting and promotional activities. Manufacturers are taking a cautious approach to new product pricing, as is Apple, to avoid strong consumer resistance, as consumers are now very sensitive to any slight price increases."
Canalys analyst Sanyam Chaurasia said: "At this point, by the fourth quarter of this year and the first half of 2023, market demand still shows no signs of improvement, manufacturers must work with the supply chain end to jointly develop prudent production forecasts, while working closely with the channel to maintain a stable market share. As we enter the peak sales season, consumers who have been putting off purchasing new devices will expect significant discounts and bundled promotions from vendors, as well as significant price reductions for older generation devices. Compared to last year's peak season, holiday sales performance is expected to be slower but steady in the fourth quarter of 2022. However, it is too early to view the upcoming fourth quarter as a true turning point in the market recovery."
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