Report: The global smartphone market fell to its worst quarter ever

According to statistics from Counterpoint Research, the global smartphone market shrank by 8% to its lowest third-quarter level in a decade owing to weak demand for big brands like Apple and Samsung in the majority of developed economies.

The information, which was made available to Reuters only, revealed that the top five brands, which also include the Chinese companies Xiaomi, Oppo, and Vivo, had seen their lowest share in three years.

According to the analysis, the market’s persistent downturn might harm forthcoming profits at businesses like Apple, whose shipments fell by 8% in the quarter. Samsung, the market leader, reported a 13% decline in sell-through volumes during that time.

Apple’s Chinese competitor Huawei, which has been subject to stringent U.S. sanctions, is one of the companies that increased market share in the quarter. Huawei stunned the industry earlier this year with its Mate 60 Pro smartphone, which employs a cutting-edge homegrown technology.

The market may finally end its more than two-year streak of year-over-year reductions in the last three months of the year, however, as total shipments increased 2% industrywide from the second quarter.

The iPhone 15 series, which began on sale in September, was mentioned by Counterpoint as a potential driver of renewed growth in developed areas including the United States, Europe, and Korea.

The market research company said, “Following a strong September, we expect the momentum to continue until the year’s end beginning with full impact of iPhone 15 series.”

According to the report, the market will also be supported by the festival season in India, the 11.11 sale event in China, and regional end-of-year discounts.

In an otherwise gloomy year, developing nations have so far been a bright light for smartphone sales. According to Counterpoint statistics, the Middle East and Africa were the only areas to have year-over-year increase in the third quarter.