Reportedly, the global smartphone market is facing a major crisis. Phone sales plunged to lowest level since 2014. Looking at last year’s figures, this year shows a decline of 12 percent. It fell by 2 percent to 30.1 crore units in the previous quarter. This is the lowest third quarter report since 2014.
According to a report by Counterpoint Research, the smartphone market is under pressure due to the worsening global economic situation. Only Apple and Samsung saw a slight improvement in sales. According to the report, the smartphone market has been affected by international political tensions that have led to economic uncertainty.
Senior analyst Harmeet Singh Walia said that Russia’s incursion in Ukraine, Sino-US tensions, rising inflationary issues in various countries, fear of recession and weakening of national currencies have significantly affected the smartphone market.
Apple is the only brand to grow by 2 percent year-on-year. With this, Apple’s global market share has increased to 16 percent. Samsung’s exports this year are down 8 percent compared to last year. But if we look at the figures of the last quarter, 6.4 crore phones have been sold with an increase of 5 percent. Brands Xiaomi, Oppo and Vivo, which suffered heavy setbacks due to the lockdown in China in the second quarter, are trying to hold on. And with Apple and Samsung exiting Russia, they have captured more of the market.
English Summary: Global smartphone market sinks to lowest Q3 level since 2014