Global smartphone market slows down; Chinese smartphone brands perform well in the global market
Canalys released the Q3 2022 report on the Indian smartphone market on 21 October. Chinese smartphone vendor Xiaomi (Chinese: 小米集团, 1810:HK) ranked first in the Indian market with 9.2 million shipment units and a 21% market share, while VIVO, OPPO and Realme (Chinese: 真我) jumped to third, fourth and fifth, respectively.
Affected by the market demand, the Indian smartphone market shipments were 44.6 million units, a decline of 6% year on year. The overall market share of Chinese brands in the Indian smartphone market remained at 76%.
Xiaomi, founded in 2010 in Beijing, is a Chinese company focused on smartphones, Internet of Things (IoT), consumer lifestyle product development, sales, and investment business. It is one of the fastest-growing smartphone brands both worldwide and in China.
In terms of the global market, Xiaomi, OPPO, and VIVO accounted for 14%, 10% and 9% of the global market share, respectively, ranking third, fourth and fifth.
Canalys stated that the worldwide smartphone market suffered a further decline in Q3 2022, down 9% year-on-year. Q3 2022 was the worst-performing Q3 since 2014. Currently, the market demand for smartphones still shows no signals of improvement in Q4 2022 and H1 2023. Compared to the peak season in 2021, Q4 2022 is expected to show a slower but steady holiday sales performance.
Canalys said that hit by inflation, the contribution from entry-level devices fell in 2022, while the mid-to-high-end segment performed relatively well since aggressive promotions. The good news is that consumer demand improved in the final weeks of Q3 2022.