Global smartphone market sees revenue drop 3% to $100b

The global smartphone revenue declined 3 percent year-on-year to a little higher than $100 billion (700 billion yuan) in the third quarter of this year, the Beijing Youth Daily reported on Monday, citing the market research company Counterpoint Research.

The global smartphone shipment fell 12 percent year-on-year to 301 million units in the third quarter, according to the company.

Thanks to the high-end mobile phone market showing more resilience in the face of economic fluctuation, its average selling price increased 10 percent year-on-year in the same period.

Moreover, the shipment of 5G mobile phone accounted for 46 percent of the total global mobile phone shipment during the period.

The 5G mobile phone contributed over $80 billion in revenue, accounting for 80 percent of the total global mobile phone revenue, to create a historically high in the third quarter of this year, said Harmeet Singh Walia, a senior analyst at Counterpoint Research.

Apple’s revenue increased 10 percent year-on-year in the third quarter of this year, and the average selling price grew 7 percent year-on-year. The company was the only major original equipment manufacturer, or OEM, in China to see a year-on-year increase mainly driven by strong demand for the iPhone 14 Pro models, according to the Counterpoint Research.

Xiaomi’s mobile phone increased 4 percent in revenue, and the average selling price rose 14 percent year-on-year to $205.

Vivo, OPPO and HONOR remained the top 3 brands in China.