Apple has become the leader in global smartphone market revenue, with an all-time high of 43 per cent in the third quarter (Q3) of 2023, according to a new report released on Friday. Global smartphone market revenues remained stable year-on-year (YoY) but increased by 15 per cent quarter-on-quarter (QoQ), surpassing $100 billion in the September quarter.
This is a significant feat for Apple as its latest iPhone 15 series had one week less in the market compared to its predecessor during the same period last year, said market intelligence firm Counterpoint Research.
Samsung witnessed a 4 per cent YoY growth in the average selling price (ASP) in the wake of the successful launch of the Galaxy Z Fold 5, good S23 series sales and increased flagship presence. However, an 8 per cent shipment decline offset the ASP increase, causing Samsung’s revenue to drop by 4 per cent annually.
“Pro Max being the best-selling variant of the iPhone 15 series contributed to Apple also achieving its highest-ever Q3 operating profit. However, its global smartphone operating profit share remained flat due to a resurgence of Huawei and Honor, and an increased focus on profitability by other Chinese OEMs such as Xiaomi and Oppo,” Harmeet Singh Walia, senior analyst, Counterpoint Research, said in a statement.
Consequently, the global smartphone operating profit reached an all-time high, signaling more definitely how the smartphone market has adjusted to the post-pandemic trend of lower shipments, he added. Apple posted revenue of $89.5 billion in the September quarter. Notably, Xiaomi was the only brand among the top five smartphone OEMs to witness increase in shipment both QoQ and YoY in Q3, as it strengthened its positions in key markets such as China and India.
The full impact of the iPhone 15 series is yet to be seen during the global holiday season expected to be boosted by upgrades from iPhone 11 and 12 users. The festive season sale in India is underway and it would boost shipments and revenues in the world’s second-largest smartphone market where pent-up demand and 5G upgrades will also contribute to growth, the report noted.
