The global smartphone market has witnessed a significant dip, marking its lowest Q3 performance in a decade. However, amidst this global downturn, the Indian smartphone landscape presents a narrative worth noting.
Key insights: According to a recent report by Counterpoint Research, Samsung, despite its global leadership, experienced a decline, reaching its lowest quarterly figures in the past ten years. Apple, with its limited iPhone 15 series availability, secured a 16% market share, indicating a robust demand that’s likely to surge in the upcoming quarter.
Diving into the specifics of the Indian market, brands like Xiaomi, OPPO, and Vivo, despite their global YoY declines, have been aggressively fortifying their foothold in pivotal markets like India and China. Their strategy seems to be a blend of consolidating their presence in these key markets while cautiously pacing their overseas expansion.
Interestingly, HONOR, Huawei, and Transsion Group emerged as outliers, registering YoY growth in Q3. HONOR’s impressive overseas performance and Huawei’s Mate 60 series launch in China significantly contributed to this uptick.
The report also sheds light on the Middle East and Africa (MEA) region, which was the sole region to witness YoY growth in Q3. This growth is attributed to positive shifts in macroeconomic indicators.
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Looking ahead: As we approach the year’s end, there’s an air of optimism. The festive season in India, along with events like China’s 11.11 sales and global Christmas promotions, expects to rejuvenate the market. Counterpoint anticipates a halt in the YoY declines for Q4 2023.
However, a broader perspective paints a different picture. Projections for 2023 indicate the market will decline, marking the lowest in a decade. This is primarily due to evolving device replacement patterns, especially in developed markets.
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