It has been quite a tough and challenging year for the technology sector, specifically the smartphone market. Several factors can be attributed to this decline. For instance, massive layoffs and economic recessions in various regions of the world have forced people to rely on their current mobile devices rather than buying new ones. Quite evidently we can witness its impact on the worldwide handset revenue numbers for Q3 2022.
In accordance with the Counterpoint Market Research, the international smartphone revenue for Q3 2022 declined by 3% YoY (year-on-year). At the same time, a 12% YoY dip was observed for the smartphone market in handset shipments for the quarter. This decline could even be got to its worst. But all thanks to iPhone 14 series by Apple which observed a 10% YoY revenue growth. Additionally, it reserved 7% average selling price (ASP) growth in Q3 2022. This growth by Apple added to the overall increment in the global handset ASP.
Samsung is the second-largest smartphone brand. It is a big competitor of Apple. It witnessed a decline of 4% YoY revenue in Q3 2022. Although, it somehow managed a slight ASP increase of 2% YoY in the third quarter of 2022. Even though, Samsung doubled the shipments of Galaxy Z Flip and Galaxy Z Fold series. It accomplished a 27% YoY growth of its 5G smartphones.
In accordance with the Counterpoint Research report, the fall in ASP could be related to the company’s inclination towards a more profitable S22 series and the forthcoming foldable smartphones.
Speaking about the Chinese smartphone brands, OPPO observed a 5% ASP decline in Q3 2022. Where in terms of revenue a decline of 27% YoY was observed. In comparison, Xiaomi succeeded to enhance its revenue by 4% YoY, owing to its low and mid-range smartphones. The revenue of 5G smartphones reached an all-time high of $80 billion. It is almost 80% of worldwide handset revenue. On the other hand, LTE handsets’ faced a decline of 10% in revenue to $19 billion. On the whole, Apple directed the shift from 4G to 5G, having 95% of its smartphones support 5G.
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