According to the most recent analysis from Counterpoint’s Market Monitor service, shipments of smartphones fell by 9% year over year to reach 294.5 million units in Q2 2022. It is further weakening the market for smartphones worldwide. A sector of the economy that has not yet fully recovered from the COVID-19 pandemic and chip shortages was weakened by the continued geopolitical instability brought on by the crisis in Ukraine.
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Associate Director Jan Stryjak made the following statement on the general market dynamics. It says “The second quarter of 2022 proved hard for the global smartphone industry, with the majority of manufacturers registering year-over-year shipment losses.
The only vendor in the top five to see growth over the course of the year was Samsung. This is despite the fact that Q2 2021 was a particularly difficult quarter for Samsung owing to COVID-related manufacturing challenges, notably at its Vietnam facility.
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Samsung, however, continued to lead the industry, expanding by 8% annually and increasing its market share by 3% to 21%. Due to macroeconomic difficulties, notably in China, Apple had a relatively minor fall of 5% year over year. However, shipments of Xiaomi, OPPO*, and Vivo decreased by 25%, 15%, and 22%, respectively.
These top Chinese companies were struck particularly hard when the Chinese market dropped to its worst point in over a decade. Moreover, this is experiencing lockdowns in China on top of a worldwide economic slump. A stronger HONOR is simultaneously challenging them more forcefully at home. Huawei has started to show signs of recovery. Due to the faith that Chinese smartphone customers continue to place in the company.
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