More than one out of 5 smartphones bought throughout the quarter belonged to the premium section.
After a powerful Q2 final yr, vivo (together with iQOO) noticed important progress declines in China, in addition to sturdy competitors from Samsung and OPPO within the offline markets of India and Southeast Asia.
The world smartphone market skilled an eighth consecutive quarter of decline, falling by 8 per cent (yr-on-yr) and 5 per cent (quarter-on-quarter) within the second quarter (Q2) of 2023, a brand new report confirmed on Tuesday.
According to Counterpoint Research, Apple recorded the very best-ever Q2 market share and got here second with its share rising to 17 per cent. “Apple is driving this ‘premiumisation’ wave, reaching document shares in a number of new markets that are sometimes not thought of its core markets.
A first-rate instance is India, the place it grew 50 per cent (yr-on-yr) in Q2 2023,” said Research Analyst Ankit Malhotra. Moreover, the report said that Samsung led the market with a 22 per cent market share, benefitting from the strong performance of its Galaxy A-series globally.
Xiaomi, the third-largest brand, faced headwinds in its biggest markets — China and India. The brand is looking to offset such declines with expansion in other markets and by refreshing its portfolio. Despite losing market share in Western Europe, OPPO performed relatively well in its home markets of China and India (owing to OnePlus).
After a strong Q2 last year, vivo (including iQOO) saw significant growth declines in China, as well as strong competition from Samsung and OPPO in the offline markets of India and Southeast Asia. Further, the report mentioned that the premium segment ($600+ wholesale price) remains immune to broader constraints, as the mature consumer chooses a superior experience, aided by the easy availability of finance options across key geographies.
More than one out of five smartphones sold during the quarter belonged to the premium segment.
“All regions worldwide saw a contraction in sales, but the biggest decline was seen in relatively more developed markets such as the US, Western Europe and Japan, all of which recorded double-digit annual declines. The markets in China, India and Middle East & Africa declined relatively less,” Malhotra stated.
“We anticipate the market to get well slowly within the coming quarters,” he added.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – IANS)
