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Smartphone Market Slumps to Lowest in a Decade

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The global smartphone market contracted by 8% to its lowest third-quarter level in a decade on subdued demand for major brands including Apple and Samsung in most developed markets, according to data from Counterpoint Research.

The data, shared exclusively with Reuters, showed that the share of the top five brands, which also include Chinese firms Xiaomi, Oppo and Vivo, had fallen to a three-year low.

Among those that gained market share in the quarter are Apple's Chinese rival, Huawei, which despite the strict U.S. sanctions against it, shocked the industry earlier this year with its Mate 60 Pro smartphone that uses an advanced domestically made chip. Counterpoint cited the iPhone 15 lineup that went on sale in September as a factor that could help revive growth in developed markets such as the United States, Europe and Korea.

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