Last updated: February 05, 2023, 4:44 PM IST
Global smartphone revenues fell 9 percent to $409 billion by 2022, the lowest level since 2017, a new report said.
According to Counterpoint Research, the global smartphone market fell 18 percent (year-over-year) to 304 million units in the fourth quarter of 2022.
“The smartphone market remained under pressure in the fourth quarter of 2022 as the cost of living crisis, labor market tightness and a decline in consumer purchasing power resulted in double-digit declines in shipments from each of the top five smartphone players,” said senior analyst Harmeet Singh Walia.
In addition, Apple achieved an all-time high revenue share of 48 percent in 2022 and also achieved the highest ever corporate profit share of 85 percent.
“Having skillfully addressed its manufacturing woes, Apple weathered a year already marred by economic and geopolitical turmoil better than other major smartphone players,” said research director Jeff Fieldhack.
Chinese smartphone players suffered from domestic lockdowns for much of the year in addition to facing global economic and geopolitical difficulties, the report said.
As a result, shipments from Xiaomi, OPPO and Vivo each fell by more than 20 percent.
Despite offering premium phones at aggressive margins, Chinese brands have yet to break into the premium market and have failed to take full advantage of Huawei’s decline, the report said.
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(This story has not been edited by News18 staff and was published from a syndicated news agency feed)