Canalys’ Q2 2023 smartphone market report reveals that Transsion annual growth soared by a remarkable 22%, earning the company a spot in the top five for the first time. The growth is attributed to its three brands: Tecno, Infinix, and itel, which shipped 22.7 million units globally.
Meanwhile, Samsung has taken the lead in the Q2 2023 smartphone market, shipping 53 million units. Apple followed closely in second place with 43 million shipments, and a 17% market share. Xiaomi (including POCO) ranked third with 33.2 million units shipped. And OPPO (including OnePlus) managed to stay in fourth place with a 10% market share and 25.2 million units shipped.
The report also mentioned that Samsung’s Q2 2023 performance was its lowest since 2013. This is primarily due to profitability pressure and a slow semiconductor industry recovery. However, the release of its latest Galaxy Z Flip and Fold models demonstrates Samsung’s ambition to compete with Apple in the luxury market.
In contrast, Transsion rapidly captured the pent-up low-end demand in the Middle East and African markets. The stabilizing foreign exchange also supported channel partner confidence. Moreover, its expansion in Latin America over the past few quarters has enabled the vendor to meet low-end demand in some under-penetrated markets.
Overall, the global smartphone market declined by 10% to 258.2 million units in Q2 2023. This was, however, a positive indicator that the decline is slowing down as compared to Q4 2022 massive decline.
“We expect a healthier business environment in the second half, creating a more positive vibe across industry players,” says the report.
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