Global Smartphone Demand Continues Fall as Economic Woes Hit
Domestic players like Xiaomi, Vivo and Oppo have all registered double-digit drops in sales this year, with only Apple iPhone showing resilience in the market.
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The global smartphone market had its worst third quarter since 2014 as economic headwinds pushed consumers to delay discretionary purchases like personal electronics.
Shipments of smartphones around the world fell 9% in the three months ended September, extending a decline that’s lasted the entirety of 2022, according to market research firm Canalys. The downward trend in demand is likely to continue for a further nine months, Canalys added.