APPLE STOCK

Global smartphone market falls, but Apple boosts market share


The global smartphone market continued its downward journey for the third consecutive quarter, according to the latest Canalys data – but Apple boosted its market share significantly.

Apple was the only company in the top five to grow its sales year-on-year, thanks to the popularity of the iPhone 14…

The market intelligence company says consumers need their money for more important things right now, and it doesn’t see things improving any time soon.

In Q3 2022, the global smartphone market recorded its third consecutive decline this year, dropping 9% year-on-year, marking the worst Q3 since 2014.

The gloomy economic outlook has led consumers to delay purchasing electronic hardware and prioritize other essential spending. This will likely continue to dampen the smartphone market for the next six to nine months.

Apple was the only major company to increase sales year-on-year.

Apple was the only vendor in the top five to record positive growth, improving its market position further with an 18% share during the market downturn thanks to relatively resilient demand for iPhones.

Samsung’s wider range of models, hitting all price points, saw it retain the No. 1 slot, but it did have to continue discounting heavily to protect its position.

Samsung retained its leading position with a 22% market share driven by heavy promotions.

Analyst Amber Lui suggests that even Apple has had to think carefully about its pricing.

The pricing strategy of new products is carefully crafted, even for Apple, to avoid significant pushback from consumers who now tend to be very sensitive to any price hike.

The firm shows Apple boosting its Q3 market share from 15% last year to 18% this year, retaining second position. That three-point boost equates to a 20% jump.

The one model Apple seems to consistently have trouble with is the second base model. The iPhone mini models never achieved much traction, so this year Apple did a 180 and gave the second base model a larger screen, instead of a smaller one. But reports say that the iPhone 14 Plus is also failing to hit expected sales levels.

Photo: Victor Serban/Unsplash

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Naveen Kumar

Friendly communicator. Music maven. Explorer. Pop culture trailblazer. Social media practitioner.

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