Consumer spending patterns continue to be affected due to excessive inflationary pressures, while producers are forced to face the bitter challenge of continued low demand. This is also shared through Canalys' latest report which shows that the global smartphone market shrank by 12% in Q1 2023.
Although there are various promotions offered, the global demand trend remains slow and has not recovered, especially in the low-end device segment. This situation forces manufacturers to reduce existing stocks or supplies, in addition to possibly slightly delaying the production of new models.
Even so, among the five manufacturers with the largest share, Samsung still remains in first place with a market share of 22% followed by Apple (21%) in second place driven by strong demand for the iPhone 14 Pro. Next, Xiaomi is in third position with a market share of 11%. Then, Oppo and Vivo also strengthened their position with respective holdings of 10% and 8% in the market.
Canalys predicts that the smartphone industry will reach a relatively good level by the end of the second quarter of this year. Similarly, the global phone market sales volume is expected to improve in the future – including 5G devices and foldable screens that will become new drivers in the industry.