The global smartphone market continues to decline

In the first quarter of 2023, shipments fell 14% year-over-year

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According to Counterpoint's Market Monitor service, global smartphone shipments fell 14% year on year and 7% quarter on quarter to 280.2 million units in Q1 2023, following the lowest holiday season since 2013.

Shipments fell as a result of reasons such as China's slower-than-expected recovery, big manufacturers selling fewer handsets to a market grappling with huge inventories, and customers preferring to update their phones less frequently.

Apple performed well, collecting over half of all smartphone revenues, while Samsung's shipments fell 19% year on year but gained 4% quarter on quarter. Xiaomi, OPPO (including the OnePlus brand), and vivo, China's three largest global smartphone brands, had double-digit yearly drops in Q1 2023.

The smartphone market as a whole is expected to suffer in the next quarters due to ongoing difficulties affecting the sector and a decline in consumer buying power driven by high inflation rates.