Tecno & Infinix showed Promising Growth despite smartphone market’s decline to a 10 years low

The global smartphone market is facing a tough time as evident in a recent report shared by Trendforce.  The market was already facing a decline of nearly 20% in Q1 this year, and as per a report, it fell by 6.6% in Q2. This year hasn’t been good for the smartphone industry, as there was a total production of 522 million units in the first half, witnessing a 13.3% drop as compared to the same period last year. It is pertinent to mention here that 2023 is the lowest point in global smartphone production in the last decade.

If we talk about different smartphone companies, they all were impacted differently by the economic downturn.

1) Samsung:

Samsung remains at the forefront with 53.9 million units produced, still showing a 12.4% decrease from Q1 and claiming a market share just below 20%. While the influence of the new Galaxy Z foldable is yet to be determined, the sales of the Galaxy S23 series have been on the lower side.

2) Apple:

Q2 is typically Apple’s slowest quarter, occurring just before the major iPhone launch when many consumers wait for the latest model or discounted previous versions. However, Apple is currently dealing with production challenges for the new generation, making Q3’s success uncertain. TrendForce suggests that Apple could potentially surpass Samsung and secure the top position if the iPhone 15 series exceeds expectations.

3) Xiaomi:

Xiaomi significantly boosted its production by 32.1% compared to Q1, resulting in a total of 35 million units, encompassing Xiaomi, Redmi, and Poco phones. This surge allowed Xiaomi to secure third place, surpassing rival Oppo.

4) Oppo:

Oppo, including Oppo, Realme, and OnePlus phones, dropped to the fourth position despite a 25.4% growth in production in contrast to the previous quarter, with a total of 33.6 million smartphones manufactured.

5) Tecno, Infinix, iTel:

One of the most astonishing things that happened was the entry of Transsion (comprising Tecno, Infinix, and itel) into the Top 5 for the first time ever. This achievement can be attributed to the company’s shift into the mid-to-high-end market. Comparing Q1 to Q2, Transsion recorded a 71.9% surge in production, which is certainly impressive.

6) vivo:

As for vivo (vivo, iQOO), the company now stands at the sixth position. They experienced a relatively modest, albeit positive, growth of 15%, reaching a total of 23 million units produced, in contrast to Transsion’s 25.1 million units during the same period.

Also read:

Samsung Leads Global Smartphone Market in Q1 2023