Smartphone market competition heats up
The competition in the smartphone market is intensifying.
In a highly competitive smartphone market, where giants like Apple, Samsung, Xiaomi, Huawei, Honor, Oppo, and Vivo vie for supremacy, Canalys recently unveiled a report shedding light on the state of the Chinese smartphone market in Q3 2023. The market, unfortunately, closed the quarter with a 5% decline, settling at 66.7 million units, a noticeable contrast to the expansive 100 million unit threshold of 2020.
Smartphone market competition heats up
Intriguingly, even entry-level and mid-range smartphones now offer impressive features, greatly enhancing the user experience. However, this has resulted in a decreased frequency of device replacements, particularly amid the global economic challenges faced today.
Delving into the market shares, the standout performer in this report is Honor, securing an 18% market share with 11.8 million shipments. Honor, having severed ties with Huawei a few years ago to continue as an independent entity, has garnered considerable attention, thanks to models like the X50 Series, Magic Vs 2, and Play 50 Plus. Evidently, Honor's products have captured a significant share of interest, particularly within China.
Honor's 18% market share leads the pack, with OPPO, Apple, Vivo, and Xiaomi closely trailing at 16% each. Meanwhile, Huawei, despite its challenges, has been steadily increasing its market share, reaching 13%. In contrast, Vivo and Xiaomi have witnessed a decline in their market shares, attributed to their cautious shipment strategies that prioritize profitability and mitigate inventory risks.
Huawei remains an intriguing wildcard in this dynamic market, as it continued to gain market share in Q3 2023 and is expected to play a significant role in the upcoming final quarter of the year.
