Apple emerged as the market leader, securing a 43% share of global smartphone revenues, its highest ever for the quarter ending September, according to a recent report. This was despite the iPhone 15 series being available for one week less than its predecessor.

The report by global market research firm Counterpoint Research indicated that in the third quarter of 2023, the global smartphone market remained flat on a yearly basis but surged by 15% quarter-to-quarter to surpass $100 billion.

Harmeet Singh Walia, senior analyst at Counterpoint Research, noted that the best-selling iPhone 15 Pro Max contributed to Apple's highest-ever Q3 operating profit. However, the company's global smartphone operating profit share remained stable due to the resurgence of Huawei and HONOR, along with other Chinese OEMs focusing on profitability.

Samsung, which secured the second spot with a 26% margin, saw a 4% annual growth in average selling price (ASP) but faced an 8% shipment decline, leading to a 4% annual revenue decline. Counterpoint believes the launch of the Galaxy Z Fold5 contributed greatly to this growth.

OPPO's focus on higher ASP phones, including foldables—especially the OPPO Find N2 Flip’s success in China—is said to have led to profitability, but a slowdown in expansion outside China and India resulted in a YoY shipment decline and lower smartphone revenue.

The firm also noted that OPPO’s smartphone revenue in the first three quarters of 2023 was the lowest since the COVID-19 pandemic.

Vivo's smartphone revenue fell by 12% YoY, largely due to subdued promotions in China. While the company remained profitable, its revenue is almost half of that in the same quarter in 2021.

Xiaomi was the only top-five brand with shipment increases in both QoQ and YoY, strengthening its position in key markets and achieving revenue and profit growth.

“(Xiaomi) offered more affordable mid-range products at promotional prices to both retailers and consumers, on the back of strong sales of the Redmi K and Note series. Consequently, it achieved both revenue and operating profit growth both sequentially and annually,” Counterpoint added.

As the year-end approaches, the full impact of the iPhone 15 series on the global holiday season remains to be seen, but it is expected to benefit from upgrades from iPhone 11 and 12 users. The report added that India's extended festive season, along with pent-up demand and 5G upgrades, is also expected to contribute to global growth since it is the world’s second-largest smartphone market.

(Edited by : Ajay Vaishnav)

First Published:Nov 3, 2023 4:43 PM IST