Global Smartphone Market Sharply Declined By 9 Percent In Q2
The sales of smartphones fell during the quarter, Canalys reported.
As a result, the global shipment decreased to 287 million units.
Samsung was still in the top spot, while Apple took over the second spot from Xiaomi as Chinese firms struggled to adapt to the waning demand.
Samsung and Apple may have seen slight improvements on a year-to-year basis, but it's the Chinese firms that are dragging the entire market into the red.
China was hit with a few lockdowns throughout the quarter that disrupted the smartphone market and harmed local brands that are significant players in the market.
Analysts believe that the shortage of supply chain is no longer a significant issue facing the sector as orders for components fall and suppliers fret about the oversupply.
However, the current situation requires companies to be more flexible to adjust and plan accordingly.
This could include measures such as extra savings and new products that compete during the second half of the year.
Many reasons for this are the challenging business climate of the strong US currency, the geopolitical problems, Chinese firms that have issues in a large market like India, and the increasing rate of inflation across the globe.
The predictions for the year 2022's: The demand will remain low regardless of upcoming launches and sales during festivals.