After grappling with a slump for 27 months, the worldwide smartphone market has finally witnessed a turnaround — and the credit for this market revival goes to the latest smartphone lineup launched by Apple Inc. AAPL.
What Happened: Despite the steady downward trend in the smartphone arena for the past two years, Apple’s newest offering, the iPhone 15 series, has succeeded in reversing the tide.
According to the latest report by Counterpoint Research, the global monthly smartphone sell-through volumes experienced a 5% YoY growth in October 2023, reported AppleInsider.
As per the research report, the iPhone 15 series launch played a significant role in this growth.
The research firm didn’t provide specific figures for individual smartphone models in its report. However, it was previously reported that Apple led the market with a 43% share.
The report also underscored that growth was primarily seen in emerging markets, with the Middle East and Africa leading the way.
Other factors contributing to the growth were the re-entry of Huawei Technologies Co into the market and the festive sales season in India.
Why It Matters: The smartphone market has been struggling for some time now due to challenges in the U.S. and China, with global shipments earlier this year predicted to witness their worst performance in a decade. However, Apple has consistently defied this decline, with its iPhone market share surging amid the market slump.
Last year, it was reported that Apple was the only smartphone maker to register YoY shipment growth during the third quarter.
This steady performance amidst the market downturn has established Apple’s dominant position in the smartphone market, which the successful launch of the iPhone 15 has further consolidated.
Photo courtesy of Apple.
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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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