The competition in the smartphone market is fierce. Manufacturers around the world are competing to offer the latest technologies at the most affordable prices, and as a result, they are also raising the bar. However, it is not possible to say the same for sales figures. It seems that the rise in the market, which was thought to continue forever, has come to an end. Global smartphone production fell to 272 million units in Q2 2023, the lowest quarterly level in 10 years. Here are the details…
Vivo Dethroned by Transsion in Global Smartphone Production
The global economic recession is gradually taking effect around the world. The frenzy of spending and buying everything possible that began during the Covid-19 lockdown period is being replaced by policies of saving and belt-tightening. Unfortunately, even entry-level smartphones, which offer more than enough performance today, are among the sectors most affected by this saving. According to TrendForce’s report, global smartphone production fell to 272 million units in Q2 2023, the lowest quarterly level in 10 years.
However, this did not slow down technology companies. While new players are emerging in the market, existing companies are also increasing their investments. For example, Chinese manufacturer Transsion, which makes smartphones under the TECNO, Infinix, and itel brands, surpassed Vivo to enter the global top 5 for the first time ever. Transsion’s high production output was driven by a combination of inventory replenishment, new product launches, and its entry into the mid-to-high-end market.
Another interesting development was the strong performance of Xiaomi and Oppo. Both companies saw their production increase in Q2, despite the overall decline in the market. Xiaomi benefited from a strategic depletion of channel inventory and the allure of new product launches, while Oppo rode the wave of rebounding demand in Southeast Asia and other regions.
The global smartphone market is facing a number of challenges, but there are still some bright spots. Transsion’s rise is a sign that there is still room for growth in the market, and the strong performance of Xiaomi and Oppo shows that there is still demand for smartphones, even in a tough economic environment. Although there is still hope, the future of the market is uncertain for now.
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