The smartphone market was at its lowest in the third quarter due to the global economic crisis

As global economic tension gets tighter, the aftereffects are visible in several aspects. Recently, Counterpoint pointed out the 12% downfall in YOY mobile phone shipments. The report was based on the third quarter of the ongoing year.

According to the market monitor of Counterpoint, in the third quarter, the shipment of such devices went down to almost 301 million units. Even though tech giants Apple and Samsung were the only two companies in the second quarter who managed to recover the loss in the second quarter, the third quarter couldn’t be saved by them.

Harmeet Singh Wali, the senior analyst at Counterpoint, shared his views while focusing on the entire dynamics of this market. According to Harmeet, global politics, including the ongoing Russia war, China, and the United States having a standoff, has already caused problems. With such conditions already leading to an economic crisis, the national currency's getting weak further fueled the crisis and made things worse than ever. He further added that while phones from the middle and lower end experienced declines in shipments, tech giant Apple was the only company that successfully managed to maintain its growth during the third quarter.

Samsung, on the other hand, saw a decline in demand for devices, including their latest flip and foldable handsets, despite experiencing high demand in Q3 of the current year. Unfortunately, the shipping industry fell by 8% in the year-over-year report. For Chinese smartphone manufacturers, things didn’t go quite well as they couldn’t make much larger sales. However, with tech giants leaving Russia as soon as the war started, Chinese smartphones helped their parent company cover the loss.

With all eyes on Apple's latest iPhone 14, analysts anticipate that it will aid in the return of overall mobile shipments to normal. Though the stats may not reach the level observed in previous years, analysts are still positive that upcoming years will be focusing on shipment growth. Before COVID-19, smartphone shipments were at 400 million units, but the trend has continued to decline.

Read next: Global PC Shipments Plummet by 15.5% YoY
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