Market research firm Canalys revealed in its Smartphone Market Pulse Q2 2023 that the global market fell by 10% to 258.2 million units in Q2 2023. Despite this, it’s actually a good sign of a slowdown in decline for the whole market.
“The decline in the global smartphone market has once again narrowed, helped by an industry-wide inventory reduction and signs of demand recovery in certain regional markets,” said Canalys Analyst Amber Lu. She added that they expect a “healthier business environment in the second half” of the year.
All of the brands in the top 5 list experienced a decline, other than Transsion, which now made it to the top list with a positive annual growth of 22%. Transsion’s numbers came from Infinix, TECNO, and iTel.
Still on top is Samsung, who went with a conservative strategy “amid profitability pressure and slow recovery in the semiconductor industry.” The company’s move to keep releasing foldable phones shows the brand’s ambition to compete with Apple “in the luxury market.”