According to a report released on Thursday, global smartphone shipments dropped 11% year-on-year in the second quarter due to weaker consumer demand and macroeconomic uncertainties.
Canalys, a market research firm, stated that major players such as Samsung Electronics and Apple had to reduce their sell-in, or shipments to retailers, due to the market slump.
Samsung was the leader in the market with 21%, followed by Apple at 17%, Xiaomi at 13%, and OPPO at 10%.
The report also noted that signs of growing investments and reduced inventories suggested that the market may be on the road to recovery.
“The smartphone market is sending early signs of recovery after six consecutive quarters of decline since 2022,” remarked Le Xuan Chiew, an analyst at Canalys.
“Smartphone inventory has begun to clear up as smartphone vendors prioritized cutting inventory of old models to make room for new launches.”
Samsung is set to launch its new Galaxy foldable phones next week in an attempt to increase sales in the second half and maintain its leading position in the premium segment.
The Galaxy Unpacked event, which has been held biannually since 2009, will take place in Seoul for the first time on Wednesday.