Edited By: Bharat Upadhyay
Last Updated: January 18, 2023, 11:13 IST
Canalys forecasts flat to marginal growth for the smartphone market in 2023
Canalys forecasts flat to marginal growth for the smartphone market in 2023, with conditions expected to remain tough.
Worldwide smartphone shipments dropped 17 per cent in Q4 2022, according to the latest Canalys research report. In Q4, 2022, Apple (with a 25 percent share), Samsung (20 percent), Xiaomi (11 percent), OPPO (10 percent), and Vivo (8 percent) were the smartphone leaders.
“The US-based tech giant Apple reclaimed the top spot in Q4 and achieved its highest quarterly market share ever at 25 per cent, despite facing shrinking demand and manufacturing issues in Zhengzhou. Samsung finished the quarter second with a 20 per cent market share but was the largest vendor for the full year. Xiaomi retained third place despite its share falling to 11 per cent in Q4, largely due to challenges in India, a Canalys report said.
It also revealed that smartphone shipments fell 11 per cent to 1.2 billion in 2022, reflecting an extremely challenging year for all smartphone vendors.
“Smartphone vendors have struggled in a difficult macroeconomic environment throughout 2022. Q4 marks the worst annual and Q4 performance in a decade. The market’s performance in Q4 2022 stands in stark contrast to Q4 2021, which saw surging demand and easing supply issues,” said Canalys Research Analyst Runar Bjrhovde.
Canalys forecasts flat to marginal growth for the smartphone market in 2023, with conditions expected to remain tough.
“Vendors will approach 2023 cautiously, prioritizing profitability and protecting market share. Vendors are cutting costs to adapt to the new market reality. Building strong partnerships with the channel will be important for protecting market shares as difficult market conditions for both channel partners and vendors can easily lead to strenuous negotiation,” said Canalys Research Analyst Le Xuan Chiew.
In related news, another report from CyberMedia Research (CMR), recently said that India’s 5G smartphone market is expected to expand by more than 70 per cent (on-year) by the end of CY2023. The Indian smartphone market recorded more than 13 times growth in its 5G shipments from the year of its initial introduction in 2020.
“From a mere 4 per cent in CY2020 to a potential more than 45 per cent market share in CY2023, 5G smartphones have definitely come a long way,” said Menka Kumari, Analyst-Industry Intelligence Group (IIG), CyberMedia Research (CMR).
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