Global smartphone shipments for the third quarter of 2022 recorded a 9% year-on-year decline, marking the worst since 2014, a recent report by Canalys, concluded.
According to the report, the market drop is a result of consumer response to a looming recession as they decreased electronic hardware purchases and prioritized essential spending.
Samsung retains the top spot with a 22% market share, representing a marginal increase from the same period last year, and driven by heavy promotions to reduce channel inventory.
Apple managed a 3% increase from the 15% market share in 2021, to reach an 18% market share amidst the market downturn, thanks to increasing demands for the iPhone.
Xiaomi, Oppo, and Vivo maintained a relatively similar proportion of the market share, retaining 14%, 10%, and 9% of global market shares respectively – taking a cautious approach to overseas expansion given domestic market uncertainty.