Global smartphone market declined by 11% in Q2 2023

Global smartphone shipment crossed the 350 million mark in Q1 2021 and since then, there has been a decline in global shipment. As of Q2 2023, the market slipped by 11% Year-on-Year (YoY) basis which is lower than the 12% decline reported in Q1 2023 YoY.

The data comes from analyst firm Canalys according to whom, Samsung is still on top with the largest market share globally followed by Apple, Xiaomi, Oppo (and OnePlus), and Vivo. As the statistics say, Samsung gained 1% in market share in Q1 2023 but dropped it by Q2 2023 with a 21% share. Similarly, others have shown signs of decline too such as Apple fell by 4% to 17% in Q2 2023 from 21% in Q1 2023.

Surprisingly, Xiaomi gained 2% in global market share from 11% last quarter to 13% this quarter. Again, it is a drop from 14% YoY basis in Q2 2022. Next, we have Oppo which includes OnePlus standing at a firm 10% market share while Vivo took an 8% share from the pie similar to its last quarter.

The report adds smartphone makers are clearing up their inventory to allow space for newer launches. Additionally, they are accumulating key components needed for their devices to hedge against sudden price hikes.

Xiaomi reported a significant hike in market share thanks to the extraordinary demand for its Redmi models. Similarly, both Oppo and OnePlus have been performing well in the Asia-Pacific region such as with the launch of the OnePlus 11 series among others. It further adds Xiaomi, Transsion, Vivo, and Oppo transition into the sub-$200 price bracket offering sales incentives to the sellers.