Global Smartphone Sales Rebound after 2-Year Dip

Global Smartphone Sales Rebound after 2-Year Dip
Worldwide smartphone sales climbed in October after falling for 27 straight months on a year-on-year basis. Led by a recovery in emerging markets, retail sales volumes grew 5% year-on-year in October.
Huawei has also made a comeback in China, clocking the fastest growth among smartphone makers in the country in the third quarter due to the release of its newest Mate 60 Pro, which has an advanced chip. Consumers have taken an interest in how chip strength affects smartphone performance.
Developed markets with relatively higher smartphone saturation have seen a slower recovery. October also recorded the highest monthly smartphone sales since January 2022. The release of Apple’s iPhone 15 series two months ago also helped bolster smartphone sales.
South Korea’s Samsung Electronics continued to lead the global smartphone market in the third quarter, with a 20% share of total smartphone sales. Apple finished second with a 16% market share, followed by Chinese brands Xiaomi (12%), Oppo (10%), and Vivo (8%).
What does this mean for me?
Worldwide smartphone sales have been affected by component shortages, inventory build-up, and longer replacement cycles.
These issues have been exacerbated by an uncertain macroeconomic environment characterized by higher interest rates and talks of a recession. As a result, global smartphone sales have declined year-on-year every month for more than 2 years. However, many analysts now predict that the global smartphone market will grow further in the fourth quarter.

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