Samsung claims the top spot in the smartphone market according to analysts but there however was an overall decline in the third quarter of this year.
Samsung Claims Top Spot in the Smartphone Market
Samsung led the line in global smartphone shipments for Q3 grabbing 22% of the market share, analyst company Canalys on Tuesday confirmed. And while the company did lead in overall sales, apple on the other hand grew its own market position to 18% which is a 3% increase from the third quarter of 2021.
The recent economic environment has put a stint in consumer spending and according to canalys, it has contributed to the third decline in the smartphone market in 2022 alone and also a 9% drop year over year. Rather than getting a new phone, many shoppers are now shifting their spending priorities. And as a result of this, companies such as Apple and Samsung have strategized on how to handle their supply chains and inventory and this includes offering discounts or like in the case of Apple, even cutting down on the production of certain phone models.
What Analysts at Canalys Have To Say about the Smartphone Market
“For most vendors, the priority is to reduce the risk of inventory building up given deteriorating demand,” Canalys analyst Amber Liu said. “Vendors had significant stockpiles going into July, but sell-through gradually improved from September owing to aggressive discounting and promotions. The pricing strategy of new products is cautiously crafted, even for Apple, to avoid significant pushback from consumers who now tend to be very sensitive to any price hike.”
Samsung and Apple Released a New Lineup of Smartphones to the Market Recently
In late August, Samsung released a new lineup of smartphones and it includes the Galaxy Z Fold 4 which starts at $1,800 the Galaxy Z Flip 4 with a starting price of $1,000 in September, and the budget-friendly Galaxy A23 5G made its way to the market for $300. Rivals, apple on the other hand launched its new iPhone 14 series in September and then introduced the iPhone 14, iPhone 14 Plus, iPhone 14 Pro, and the iPhone 14 Pro Max. The price for smartphones ranges from $800 to $1,000.
Canalys however believes that the holiday season may come with a little upstick in sales but only if smartphone companies offer generous discounts and bundling options in the last and final quarter of the year.
