CHART: The global smartphone market fell for the eighth straight quarter in Q2 2023

The global smartphone market witnessed some intriguing twists in Q2 2023.

According to the latest research from Counterpoint's Market Pulse service, the market experienced an 8% YoY decline and a 5% QoQ dip, making it the eighth consecutive quarter of YoY shrinkage.

But, amid this downturn, there was one shining star—the premium segment ($600+ wholesale price). Unaffected by the decline, this segment soared and achieved its highest-ever Q2 contribution to the overall market. More than one out of every five smartphones sold during the quarter belonged to this elite group.

Per region, developed markets like the U.S., Western Europe, and Japan bore the brunt of the slump, experiencing double-digit annual declines. On the other hand, regions like China, India, and the Middle East & Africa managed to weather the storm relatively better.

In terms of OEM performance Samsung, with its Galaxy A-series led the charge, claiming the top spot with a 22% market share, as shown in the Techloy chart below. Apple, with its highest-ever Q2 market share, secured a strong second place.