- Market research firm Counterpoint Research reported a 5% year-on-year growth in the global smartphone market in October, marking the first growth after a 27-month contraction.
- This growth was primarily driven by a resurgence in emerging markets, Huawei’s successful return in China, and Apple’s launch of the iPhone 15 in September.
- Counterpoint Research anticipates that the market will continue to see growth year-on-year for the rest of 2023 Q4 and beyond, signaling a positive trajectory for the industry’s gradual recovery in the coming quarters.
Apple CEO Tim Cook holds up a new iPhone 15 Pro during an Apple event on September 12, 2023 in Cupertino, California.
Justin Sullivan | Getty Images
Counterpoint Research’s data indicated that global smartphone sales experienced a 5% year-on-year surge in October, marking a significant turnaround after 27 consecutive months of decline.
The firm attributed this growth to strong retail sales volumes globally and described the market’s growth as a monumental moment for the industry.
The emerging markets’ continuous growth in the Middle East and Africa, Huawei’s resurgence in China after releasing its Mate 60 Pro smartphone, and the festive season kickoff in India were pointed out as key contributors to the market’s turnaround, while developed markets with higher smartphone saturation showed a slower recovery.
Huawei showcased the fastest growth among smartphone brands in China in the third quarter following the launch of its Mate 60 Pro smartphone, which drew significant consumer interest due to its advanced chip technology.
According to the report, October marked the highest monthly smartphone sales since January 2022.
Additionally, the launch of Apple’s iPhone 15 series, which was delayed by a week compared to the previous year, further bolstered smartphone sales, according to Counterpoint Research.
The global smartphone market has faced obstacles like component shortages, inventory build-up and longer replacement cycles, ultimately contributing to a year-on-year sales decline for over two years, as specified by Counterpoint Research.
In related news, Canalys remarked that the slowdown in global smartphone sales was diminishing, with third-quarter shipments decreasing by just 1% compared to a 10% decline in the previous quarter.
“The rising demand for fresh products in emerging markets is driving brands and channels forward as the holiday season nears,” stated Sanyam Chaurasia, senior analyst at Canalys.
Meanwhile, Samsung continued its dominance in the global smartphone market during the third quarter, holding a 20% market share, followed closely by Apple at 16%, Xiaomi at 12%, Oppo at 10%, and Vivo at 8%, according to Counterpoint Research data.
Counterpoint Research’s positive outlook persists, expecting further growth in the global smartphone market for the fourth quarter and beyond, reinforcing the industry’s path towards recovery in the next quarters.
