fbpx
  • About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Banking Digital

China’s 2022 Smartphone Sales Plunge to the Lowest Level in a Decade

The cautious spending habits of consumers are the main reason for the decline in smartphone sales- according to the latest market research

Khushboo Pandey by Khushboo Pandey
January 30, 2023
in Digital, Economy, Retail, Technology, Technology, Telecom, The Global Economics
Reading Time: 2 mins read
0
A girl using a smartphone

A girl using a smartphone

31
SHARES
170
VIEWS
FacebookTwitterRedditWhatsAppLinkedInShare Link
A girl using a smartphone
A girl using a smartphone

 

China’s smartphone sales have hit a record drop in 2022, declining 13% Year-on-Year to its lowest level in a decade, data from a third-party research firm IDC confirmed.

 

The total number of devices shipped has decreased from 329 million in 2021 to 286 million in 2022. This is its lowest sales volume since 2013, and the first time since annual sales fell below 300 million units, IDC said in its report.

 

Tight COVID-19 restrictions weighed heavily on China’s economy last year. This is thought to be the main reason behind the drop in consumer spending in the Chinese smartphone market. Beijing, however, began easing restrictions in December, boosting consumption. 

 

“Household savings are at all-time highs as consumer spending becomes more conservative as a result of harsher pandemic measures,” said Lucas Zhong, who tracks China’s smartphone sector at research firm Canalys. Honor, a fork of Huawei Technologies (HWT.UL), ranked as the second best brand, with sales growth of more than 34%, albeit from a lower base.

 

Apple Inc (AAPL.O) was the best-selling mobile phone brand in 2022, up from the previous year’s fourth place and third best-selling brand- Oppo.

 

According to IDC, Apple’s overall revenue fell by 4.4% year-on-year, while all competitors except Honor posted double-digit revenue declines for them. The cautious spending habits of consumers are the main reason for the decline, according to IDC.

 

The report mentioned Android smartphone maker Vivo was the best-selling brand in 2022, with a market share of 18.6%. However, total shipments decreased by 25.1% year-on-year. Overall, the slump in smartphone sales in China reflects the global performance of the sector. According to IDC, global smartphone shipments in 2022 are estimated to reach 1.2 billion units (calculation is based on the provisional data), the lowest since 2013 and a drop of more than 11% year-on-year.

 

According to another report by Canalys released on Monday, Apple sold 16.4 million devices in the fourth quarter of 2022, down 24% year-over-year. This compares to a 37.3% drop in shipments for Xiaomi and Honors 14.1 in the same quarter.

 

This is the first year-over-year decline in Apple shipments in China since early 2020 when the first wave of COVID-19 swept the country. According to Canalys, the decline was caused by previous releases of the latest iPhone series and worker unrest at the factory of major manufacturer Foxconn in Zhengzhou city, which affected its supply chain.

 

Nevertheless, Apple remained the best-selling phone maker in China during the fourth quarter of AY 2022, achieving a record market share, Canalys added.

 

Tags: china
Khushboo Pandey

Khushboo Pandey

Some people can say a lot using just a few words. I am one of them. With expertise in copy writing, I am in the media and communication industry for a decade now. With a Master's Degree focused on Mass Communication/Media Studies, I know the ins and outs of what kind of content works, what kind of content touches the human heart and above all, how to write content that generates maximum revenue.

Related Posts

Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy
Economy

Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy

by Riya Thomas
March 21, 2023
First Republic Shares Plummet Amid Liquidity Fears
Banking

First Republic Shares Plummet Amid Liquidity Fears

by Anuj Singh
March 21, 2023
Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated
Technology

Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated

by Rahil Adnan
March 21, 2023
UEM Edgenta Paves the Way for Non-Clinical Tech Companies To Improve Healthcare Services
Exclusive Coverage

UEM Edgenta Paves the Way for Non-Clinical Tech Companies To Improve Healthcare Services

by The Global Economics
March 21, 2023
Baidu Shares See a Rise After ChatGPT rival bot’s Unveiling
Markets

Baidu Shares See a Rise After ChatGPT rival bot’s Unveiling

by Rahil Adnan
March 17, 2023
Previous
Next
Facebook Twitter Instagram Youtube LinkedIn Soundcloud
The Global Economics

The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

First Republic Shares Plummet Amid Liquidity Fears

First Republic Shares Plummet Amid Liquidity Fears

March 21, 2023
Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy

Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy

March 21, 2023
Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated

Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated

March 21, 2023
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version