The global smartphone market is reportedly facing a major crisis. Phone sales have plummeted to their lowest level since 2014. Looking at last year’s data, this year shows a 12 percent drop. It fell 2% to 30.1 crore units in the previous quarter. This is the lowest third-quarter ratio since 2014.
According to a report by Counterpoint Research, the smartphone market is under pressure due to the worsening of the global economic situation. Only Apple and Samsung saw a slight improvement in sales. According to the report, the smartphone market has been hit by international political tensions that have led to economic uncertainty.
Senior analyst Harmeet Singh Walia said that Russia’s foray into Ukraine, Sino-US tensions, rising inflationary problems in various countries, fear of recession and weakening national currencies have significantly affected the smartphone market.
Apple is the only brand to grow 2% year-on-year. With this, Apple’s global market share has increased to 16%. Samsung’s exports this year fell 8% from last year. But if we look at the figures for the last quarter, 6.4 million phones were sold, a 5% increase. Brands like Xiaomi, Oppo and Vivo are trying to resist due to the lockdown in China in the second quarter. And with the exit of Apple and Samsung from Russia, they have conquered more market.
Summary in English: The global smartphone market falls to its lowest level in the third quarter since 2014
