Apple gains, Samsung, Xiaomi lose in a declining global smartphone market

According to the latest report by research and analytics firm IDC worldwide smartphone shipments witnessed a 9.7% decline over the year to 301.9 million units in the third quarter of 2022 (3Q22). The report adds that this is the largest-ever third quarter decline and it is also the fifth consecutive quarterly decline for the smartphone market. IDC suggests that the majority of the decline was seen in emerging markets.

Reasons for the decline in the smartphone market
Lack of demand, rising costs and inflation are a few of the reasons behind the biggest decline in the smartphone market. The report adds that the Chinese vendors continue to suffer the most, all vendors were impacted, including Samsung and Apple.