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Samsung maintained its lead with a 22% market share, boosted by major stock-reduction promotions.
The global smartphone market suffered its third straight decline this year amid turbulent global economic conditions.
The smartphone market fell 9% in the latest quarter at the end of September compared to the same period a year earlier.
Credit: Canalys
“The gloomy economic outlook has led consumers to delay electronic hardware purchases and prioritize other essential spending,” Canalys said in a blog post on Tuesday.
Smartphone vendors have been exposed to rising inventories due to weak consumer demand.
They tried to reduce excess inventory through aggressive discounts and promotions.
“The smartphone market is highly responsive to consumer demand, and vendors are quickly adapting to tough business conditions,” Canalys analyst Amber Liu said in a blog post.
“For most retailers, the priority is to reduce the risk of stockpiling in the face of deteriorating demand,” she added.
Samsung maintained its lead with a 22% market share, boosted by major stock-reduction promotions.
Apple was the only vendor in the top five to post positive growth, further improving its market position with an 18% share thanks to relatively resilient demand for iPhones.
The research firm expects weak demand to dampen the smartphone market for the next six to nine months.
Demand shows no signs of improvement moving into the last quarter of this year and the first half of next year. Compared to the period of strong demand in the previous year, a slow but steady festive sale is expected in Q4 2022, said Sanyam Chaurasia, an analyst at Canalys.
Consumers can expect significant discounts and promotions during the sales season, as well as significant price reductions on older-generation devices, he added.
