2023-07-20 17:34:19
WATAN: Global smartphone shipments fell 11 percent year-on-year in the second quarter, a newly published report showed, as the market continued to face headwinds of slowing consumer demand amid macroeconomic uncertainty.
Market research firm Canalys said the ongoing slump in the market has affected major companies, such as Samsung Electronics and Apple, which have been forced to reduce sales to distributors or shipments to retailers.
Samsung topped the market with a share of 21 percent, followed by Apple with 17 percent, Xiaomi with 13 percent, and OPPO with 10 percent.
The report said that while growth declined on an annual basis, conditions began to improve, with indications of growth in investments and declining inventories.
“The smartphone market is sending early signs of recovery following six consecutive quarters of decline since 2022,” said Lu Xuanqiu, an analyst at Canalys.
“Smartphone inventory has begun to clear up as smartphone vendors have prioritized reducing inventory of older models to make room for new launches.”
Samsung is gearing up to launch its new flagship foldable phones next week, as it looks to boost smartphone sales in the second half and solidify its position in the new premium segment.
Samsung will hold its latest device unveiling event in Seoul, which is the first time that the biannual event has been held in Korea since its launch in 2009.
Source: (Sky News Arabia)
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