👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

China's 2022 smartphone sales plunge to lowest level in a decade

Published 01/29/2023, 01:09 AM
Updated 01/30/2023, 12:05 AM
© Reuters. FILE PHOTO: Mobile phones are seen on display at an electronics market in Shanghai, China, June 24, 2015.   Picture taken June 24, 2015. REUTERS/Aly Song
AAPL
-

By Josh Horwitz

SHANGHAI (Reuters) - China's smartphone sales endured a record fall in 2022, tumbling 13% to their lowest level in a decade as COVID controls and a slowing economy sapped consumer appetite, data from third-party research firms showed.

The total number of devices shipped was 286 million, down from 329 million in 2022. It was the lowest sales volume since 2013 and the first time since then that annual sales have dropped below 300 million, IDC said in a report.

Strict COVID-19 controls weighed heavily on the Chinese economy last year but Beijing started dismantling the restrictions in December, boosting consumption.

"The strict pandemic control poicy has resulted in historically high household savings as consumer spending became conservative," said Lucas Zhong, who tracks China's smartphone sector for research firm Canalys.

Android handset maker Vivo was the top-selling brand in 2022, with a market share of 18.6%, according to IDC. Its total shipments fell 25.1% year-on-year.

Huawei Technologies spin-off Honor ranked as the second best-selling brand, with shipments growing more than 34%, albeit from a low base.

Apple Inc (NASDAQ:AAPL) was the third best-selling phone brand in 2022, tied with Oppo, moving up from fourth place in the previous year.

Apple's overall sales fell 4.4% year-on-year, according to IDC, while all other rivals excluding Honor saw sales fall in the double digits.

Overall, the plunge in smartphone sales in China reflected the sector's performance globally. In 2022, global smartphone shipments hit 1.2 billion, the lowest since 2013 and a year-on-year fall of more than 11%, according to IDC.

A separate report from Canalys published on Monday said that in the fourth quarter of 2022, Apple sold 16.4 million devices, down 24% year-on-year. This compared to a 37.3% shipments slump from Xiaomi (OTC:XIACF) and Honor's 14.1% fall during the same quarter.

© Reuters. FILE PHOTO: Mobile phones are seen on display at an electronics market in Shanghai, China, June 24, 2015.   Picture taken June 24, 2015. REUTERS/Aly Song

That marks the first time Apple shipments dropped year-on-year in China since early 2020, when the first wave of COVID-19 swept the country. The fall was caused by an earlier release of the latest iPhone series as well as by worker unrest at its major manufacturer Foxconn's plant in the city of Zhengzhou that impacted its supply chain, Canalys said.

Still, Apple remained the top-selling phone maker in China in the quarter, hitting record-high market share, Canalys added.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.