Chinese Smartphone Market Sees Decline in First 8-Month of 2023: Report
In the quarter to June, China's smartphone consumption fell to its lowest second-quarter sales figure since 2014, as macroeconomic headwinds weighed on consumer sentiment. However, there is hope for improvement in the market’s outlook for the rest of 2023.
New Delhi, October 8: The smartphone market in China has witnessed a decline in the first eight months of this year, manufacturing only 679 million devices from January to August, down 7.5 per cent from the same period in 2022, according to data published by the country's Ministry of Industry and Information Technology.
As per Counterpoint Research, smartphone sales in the country also slowed down, falling 4 per cent (year on year) in the first eight months of 2023, reports South China Morning Post. 5G, Fixed Wireless Service from Jio, Airtel to Drive Smart TV Growth: Xiaomi India President.
In the quarter to June, China's smartphone consumption fell to its lowest second-quarter sales figure since 2014, as macroeconomic headwinds weighed on consumer sentiment. However, there is hope for improvement in the market’s outlook for the rest of 2023.
The upcoming winter sales season, as well as the release of new 5G smartphones by Huawei and Apple, are expected to boost the industry. Huawei's Mate 60 Pro series 5G handsets, in particular, have boosted the Chinese smartphone market's confidence, the report said. India, China Need to Trust Each Other and Resolve Issues Through Talks: Tawang Monastery Head.
According to Counterpoint, sales of Huawei's latest 5G smartphones will total between five and six million units by the end of the year. Huawei's large domestic HarmonyOS user base is one factor contributing to this optimistic forecast. The company's new 5G devices are expected to attract new customers and entice former users who switched to other brands to return. Huawei's smartphone sales increased 41 per cent in the first eight months of this year compared to the same period last year.
(The above story first appeared on LatestLY on Oct 08, 2023 06:11 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).