Last Update: February 05, 2023, 16:44 IST
Global smartphone revenue declined by 9 percent.
The global smartphone market fell 18 percent (year-on-year) in Q4 2022 to reach 304 million units.
Global smartphone revenue is set to decline by 9 percent to $409 billion in 2022, the lowest since 2017, a new report says.
According to Counterpoint Research, the global smartphone market is set to decline 18 percent (year-on-year) to 304 million units in the fourth quarter of 2022.
“The smartphone market remained under pressure in the fourth quarter of 2022 as shipments of each of the top five declined by double digits due to a cost-of-living crisis, a tightening labor market and a decline in consumer purchasing power. smartphone player,” said senior analyst Harmeet Singh Walia.
In addition, Apple achieved an all-time high revenue share of 48 percent in 2022, and also captured the highest ever operating profit share of 85 percent.
“Having skillfully managed its production problems, Apple was able to weather a year already affected by economic and geopolitical turmoil better than other major smartphone players,” said research director Jeff Fieldhack.
The report noted that Chinese smartphone companies suffered from domestic lockdowns for most of the year, apart from facing global economic and geopolitical difficulties.
As a result, shipments from Xiaomi, OPPO and Vivo declined by more than 20 percent.
The report states that despite offering premium phones at aggressive margins, Chinese brands are yet to enter the premium market and have been unable to fully capitalize on Huawei’s decline.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)