The smartphone market had a rough time in the past few quarters, but the future is getting brighter, revealed Canalys in its latest report. The yearly decline is just 1% in Q3 2023, although vendors should remain cautious about the rebound, as the geopolitical uncertainties are not over, and companies are still readjusting their sales channels and component inventories.
The leader in the market remained Samsung, closely followed by Apple. Xiaomi remained the third-best smartphone company in the world for Q3, while Transsion, owner of brands like itel, Infinix, and Tecno, is now on a path to surpass Oppo in global shipments.
Outside the Top 5, Canalys revealed Huawei made a strong comeback in the past three months with the Mate 60 series release; it may be limited to China for now, but carriers and retailers raced to stock up on Huawei phones to meet a surging demand.
According to Amber Liu, Xiaomi and Transsion managed to capitalize on the rebound in emerging markets. These short-term wins might turn into more sustainable long-term success, provided both companies “play their cards well”.
Toby Zhu, Analyst at Canalys, said that supply chain cost hikes are expected, and smartphone makers are adapting to the changing situation. However, the current order surge of components, combined with reduced supply capacity, might cause component shortages, which would be a challenge for planning and production.