© Reuters.
In the third quarter of 2023, the US smartphone market experienced a significant downturn with shipments dropping by 19%, as reported by Counterpoint Research. The decline was felt across industry giants Samsung (KS:), Google (NASDAQ:), and TCL, which saw their shipments fall by 26%, 37%, and 51% respectively. Apple (NASDAQ:)’s shipments also took a hit, decreasing by 11%, largely due to the delayed release of the iPhone 15 series, according to analysts.
On the other hand, Motorola (NYSE:) and Nokia (HE:) HMD managed to buck the trend, witnessing shipment growth of 31% and 17% respectively. Despite robust promotions from carriers, upgrade rates hit near-record lows as consumers chose to retain their devices for longer periods.
However, new entrants in the market such as foldable smartphones are emerging as potential catalysts for a market rebound. Devices like Samsung Galaxy Z Flip, OnePlus’s first foldable smartphone, and Motorola Razr 2023 are gaining traction among consumers, noted the analysts.
Looking ahead to the fourth quarter of 2023, a seasonal rebound in upgrade rates is expected. Counterpoint analysts predict that this rebound will be driven in part by a large base of iPhone 11 and iPhone 12 users likely to switch to the iPhone 15 series. However, they anticipate that upgrade rates will remain lower than those of the previous year. All information was sourced from IANS.
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