Data from Counterpoint Research showed that due to lower demand for major brands, including Apple and Samsung, in most developed markets, the global smartphone market contracted by 8 percent to its lowest third-quarter level in a decade.
The data showed that the share of the top five brands, including Chinese firms Xiaomi, Oppo, and Vivo, dropped to a three-year low.
The Counterpoint report highlighted the ongoing slump in the smartphone market. Apple’s shipments declined by 8 percent in the quarter, while market leader Samsung witnessed a 13 percent drop in sales in the same period.
However, despite the strict U.S. sanctions against it, Apple’s Chinese rival Huawei shocked the industry earlier this year by launching its Mate 60 Pro smartphone, which uses an advanced chip made in China.
But overall industry shipments rose two percent from the second quarter, raising optimism that in the last three months of the year, the market could recover from a more than two-year run of year-on-year declines.
The iPhone 15 lineup launched in September could also help revive growth in developed markets, such as the U.S., Europe, and South Korea, Counterpoint noted.
“Following a strong September, we expect the momentum to continue until the year-end, beginning with the full impact of the iPhone 15 series,” it said, adding that the festive season in India, the 11.11 sale event in China, and end-of-year promotions across regions should also boost the market.
According to the market research company, emerging markets have been a bright spot for smartphone sales in an otherwise difficult year, with the Middle East and Africa being the only regions to record year-on-year growth in the third quarter.
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