The global smartphone sales declined by 8% year over year in the second quarter of 2023, down 5% from the previous quarter, according to data from Counterpoint, marking the eighth consecutive quarter with a YoY decline.
Samsung led the market with a 22% market share, benefitting from the strong performance of its Galaxy A-series globally. Apple came in second while recording its highest-ever Q2 market share. Xiaomi, the third-largest brand, faced headwinds in its biggest markets China and India and the brand is looking to offset such declines with expansion in other markets and by refreshing its portfolio.
The global smartphone market now seems to be well past its rapid growth phase, with consumer replacement cycles getting longer, convergence in device innovation, and the emergence of a more mature refurbished marketfor smartphones hitting particularly the higher-volume low-to-mid-tier price segment demand, it said.
However, the premium segment ($600+ wholesale price), continues to grow, the only segment that grew in the quarter, as the mature consumer is opting for a superior experience, supported by the easy availability of finance options across key geographies.