Surprising Dip: Revealing the Unexpected 10-Year Low in the Global Smartphone Market of Early 2023

2023-09-04 14:39:01

The Global Smartphone Market Hits a 10-year Low in the First Half of 2023

The global smartphone market continues to struggle amidst the ongoing economic downturn. According to industry data from TrendForce, the market experienced a significant decline of nearly 20% in Q1 of this year. The decline continued into Q2 with a further 6.6% drop.

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During Q2, a total of 272 million smartphones were produced, bringing the first half production to 522 million units. This represents a 13.3% decline compared to the same period in 2022.

Leading smartphone manufacturer Samsung saw a decrease in production, with 53.9 million units produced in Q2, marking a 12.4% drop compared to Q1. Despite still maintaining a market share of just under 20%, the company's new Galaxy Z foldables, which were launched in Q3, are yet to have a significant impact. Moreover, sluggish sales for the Galaxy S23 series may hinder Samsung's recovery.

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On the other hand, Q2 is typically Apple's weakest quarter as customers eagerly anticipate the major iPhone launch. With production challenges surrounding the new generation, the success of Apple's Q3 remains uncertain. However, industry experts predict that if the iPhone 15 series exceeds expectations, Apple has the potential to surpass Samsung and secure the top spot.

In a surprising development, Xiaomi experienced a notable increase in production, with 32.1% growth compared to Q1, resulting in a total of 35 million units. This includes Xiaomi, Redmi, and Poco phones. As a result, Xiaomi managed to surpass rival Oppo and claim the third position.

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Despite a 25.4% quarterly increase, Oppo (including Oppo, Realme, and OnePlus phones) dropped to fourth place with a total production of 33.6 million smartphones. Nevertheless, the company performed well in Southeast Asia and other markets, which is expected to continue into Q3 and create a tight competition with Xiaomi.

In a major upset, Transsion (Tecno, Infinix, itel) entered the Top 5 for the first time ever, displacing vivo. The company's entry into the mid-to-high-end market contributed to its success, resulting in a massive 71.9% increase in production from Q1 to Q2.

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After a relatively small but positive increase of 15% to 23 million units, vivo (vivo, iQOO) now occupies the sixth position, trailing behind Transsion's 25.1 million units.

The first half of 2023 marks the lowest point in global smartphone production over the last decade. Unfortunately, the forecast from TrendForce indicates a minor 2-3% annual increase next year, suggesting a challenging outlook for the industry.

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For more information, visit the official website of TrendForce.

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