2023-12-11 19:39:19
The market for smartphones already Latin America saw notable growth in the third quarter of 2023 — following six consecutive quarters of decline —, recording an increase of 17% compared to the same period of the previous year, according to a new analysis of the Canalys.
According to the survey, sales reached 31.8 million unitsdriven by the stabilization of inventory in distribution channels and a consumer-friendly environment, which preceded the peak sales season.
A Applehowever, dropped to 5th place, with a market share of just 4% — a 9% drop compared to the previous year. The leadership was Samsungwith a market share of 31%, driven by the expansion of its entry line.
2nd place went to Motorola, with a market share of 19% — despite a 2% drop in sales. The Chinese Xiaomi e TRANSSION were the best performers, recording growth rates of 43% and 159%, respectively!
Second Miguel Perezsenior consultant at Canalys, the Brazil and the Mexico returned to double-digit growth, while the Chile showed signs of economic stabilization. Central America and, more precisely, Peru have emerged as key markets for new manufacturers.
The Colombian market was the only exception to growth in the region, facing an 11% drop due to the decrease in economic activity during the quarter, linked to the strategic decision by the Bank of the Republic to raise interest rates, a measure aimed at stabilizing the economy and mitigate persistent high inflation.
Despite growth in the third quarter and an optimistic outlook for the fourth, the medium to long-term outlook for Latin America remains uncertain due to social and political uncertainties.
Also according to Perez, manufacturers need to focus their efforts on strategies that prioritize local profitability, efficient inventory management and clear brand communication to ensure consistent growth.
Finally, the consultant expects that the replacement of low and medium cost devices (read: entry-level and intermediary smartphones), acquired around two years ago, will boost future market growth.
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