Friday, 24 March, 2023

China’s smartphone sales drop to decade low

China’s smartphone sales drop to decade low

China's smartphone sales plunged in 2022, dropping below 300 million units for the first time since 2013, Singapore-based market analysis firm Canalys said on Sunday.

According to the report, “mainland China’s smartphone market finished 2022 with an annual shipment of 287 million units,” down from 329 million in 2022, a year-on-year decrease of 14 percent, reports RT.

Vivo smartphone maker was the leader in sales volumes, with a market share of little over 18%, closely followed by HONOR and Apple. Vivo’s total shipments fell 27% year-on-year, however, while HONOR’s surged over 30%.

Apple was the third best-selling phone brand in 2022, and reached an all-time-high market share of 18% in China due to “aggressive promotions and demand in the high-end segment.”

Analysts say that sales were affected by strict Covid-19 controls, which resulted in inventory issues.

“Fortunately, most vendors started to normalize inventory levels during promotions in Q4,” Canalys Analyst Amber Liu said. He noted, however, that “vendors are still very cautious about the market in 2023.”