The worldwide smartphone market has recently experienced a notable upturn in sales.
October saw a 5% year-on-year growth, breaking a 27-month streak of declining sales, according to a news report by CNBC, citing findings by Counterpoint Research.
This rejuvenation is a significant turn of events for an industry that had been facing consistent downturns.
Also Read: Apple's iPhone 15 Thrives Despite Huawei Competition: Analyst Predicts Continued Success Into 2024
The resurgence is largely credited to the revival of markets in developing regions, the re-emergence of Huawei in China, and the impact of Apple Inc.'s AAPL iPhone 15 release in September, the report added. This growth trajectory indicates a potentially robust fourth quarter in 2023, hinting at a gradual recovery in upcoming quarters.
Emerging markets have played a pivotal role in this growth, especially with notable recoveries in the Middle East and Africa and festive season spikes in India.
Developed markets, however, are witnessing a slower pace of recovery due to higher smartphone saturation.
Notably, Huawei's resurgence, particularly after the launch of its Mate 60 Pro in September, has spurred significant consumer interest in China.
Moreover, October 2023 marked the highest monthly smartphone sales since January 2022.
The launch of the iPhone 15 series by Apple also contributed significantly to this increase.
Counterpoint Research noted that the delayed launch of the iPhone 15 compared to previous years resulted in a more pronounced sales impact in October.
The global smartphone market had been previously hindered by factors such as component shortages, inventory buildup and extended replacement cycles, all while in an uncertain macroeconomic climate. However, this latest surge in sales suggests a positive change in market dynamics.
In terms of market share, South Korea's Samsung continues to lead globally, followed by Apple and Chinese brands Xiaomi Corp. XIACF, Oppo and Vivo. With the upcoming holiday season, there is an anticipation of further growth in the smartphone market, according to tech research firm Canalys.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
