According to market research firm Canalys, sales of smartphones worldwide decreased by 9% in the third quarter of 2022.
These figures extend the decline recorded throughout 2022, according to market research firm Canalys. The downward trend in smartphone demand is likely to continue for another 9 months, Canalys added.
Increased bank interest rates and increased energy prices have reduced consumer demand this year.
In particular, China's economic recession and COVID-19 shortages have played an important role in cutting down on smartphone sales.
Chinese companies such as Xiaomi, Vivo and Oppo have all seen double-digit sales this year, with only Apple's iPhone showing resilience in the market.
Samsung, a company that is lacking a significant presence in China, still holds the global lead position with 22,2% market sales. Apple, with its new iPhone 14 series, has increased market share to 18% while Oppo and Vivo both have decreased market share compared to last year.
The market is entering the sales season, consumers who are delaying their purchases will expect a strong price reduction and accompanying promotions as well as significant discounts, said Canalys analyst Sanyam Chaurasia. This year, experts predict that the shopping season will take place slowly but steadily in the fourth quarter, not as bustling as this time last year.
Although Apple was the main market leader in the third quarter, the company has abandoned plans to increase production of its iPhone 14 series, Bloomberg News reported last month.
