Global smartphone market shrinks 12% in Q1 2023: Report

New Delhi, Apr 20 (KNN) The global smartphone market witnessed a fifth consecutive decline, falling by 12 per cent (year-on-year) in Q1 2023, according to a report by market research firm Canalys.

“The smartphone market’s decline in the first quarter of 2023 was within expectations throughout the industry,” said Canalys analyst Sanyam Chaurasia.

“The local macroeconomic conditions continued to hinder vendors’ investments and operations in several markets. Despite price cuts and heavy promotions from vendors, consumer demand remained sluggish, particularly in the low-end segment due to high inflation affecting consumer confidence and spending,” he added.

As per the report, Samsung was the only major manufacturer to show a quarter-on-quarter improvement.

Moreover, the report said that Apple stood on number two position followed by Xiaomi on number three, while OPPO and vivo strengthened their positions in the Asia Pacific region and their home markets.

Canalys analyst Toby Zhu said, “There have been improvements in demand for certain smartphone products and price bands.”

“Furthermore, some smartphone vendors are becoming more active in production planning and ordering components. Canalys predicts that the inventory of the smartphone industry, irrespective of channel or vendor, can reach a relatively healthy level by the end of the second quarter of 2023,” he said.  (KNN Bureau)