In Q3 2022, the global smartphone market recorded its third consecutive decline this year, dropping 9% year-on-year, marking the worst Q3 since 2014. The gloomy economic outlook has led consumers to delay purchasing electronic hardware and prioritize other essential spending. This will likely continue to dampen the smartphone market for the next six to nine months. Samsung retained its leading position with a 22% market share driven by heavy promotions to reduce channel inventory. Apple was the only vendor in the top five to record positive growth, improving its market position further with an 18% share during the market downturn thanks to relatively resilient demand for iPhones. While Xiaomi, OPPO and vivo continued to take a cautious approach to overseas expansion given domestic market uncertainty, retaining 14%, 10% and 9% global market shares, respectively.
Despite the economic situation, Apple is the only smartphone maker to have positive growth. I reckon it is due to the release of the iPhone 14 series as people switch, and we could potentially see further increase as we enter the sales season in Q4.
What’s interesting is how Apple is slowly but surely catching up with Samsung in market share.