The global smartphone market has shown signs of recovery in October, registering a 5% year-on-year growth in retail sales volumes, according to a report by Counterpoint Research.

The report attributed the growth to the strong performance of emerging markets, such as the Middle East, Africa, China and India, where consumer demand for new devices has been rising.

The report also noted that October recorded the highest monthly smartphone sales since January 2022, driven by the launch of Apple’s iPhone 15 series in late September, which had a delayed impact on the market. The iPhone 15 series, which features a new design, a faster processor and a better camera, has been well received by consumers, especially in the developed markets.

However, the report also highlighted the challenges faced by the smartphone industry, such as component shortages, inventory build-up and longer replacement cycles, which have been exacerbated by the uncertain macroeconomic environment. These factors have led to a continuous decline in global smartphone sales for more than two years, until October.

The report’s findings are in line with another report by Canalys, which also reported a slowdown in the decline of global smartphone sales in the third quarter of 2020, with a 1% year-on-year drop, compared to a 10% fall in the previous quarter. Canalys attributed the improvement to the rising demand for fresh offerings in emerging markets, as well as the festive season in some regions.

Samsung remained the global leader in smartphone sales in the third quarter, with a 20% market share, followed by Apple with 16%, according to Counterpoint Research. The top five was completed by three Chinese brands, Xiaomi, Oppo and Vivo, with 12%, 10% and 8% market share, respectively.

Counterpoint Research expects the global smartphone market to grow further in the fourth quarter, as the market recovers from the pandemic-induced slump and consumers upgrade to new devices.

“Following strong growth in October, we expect the market to grow year-on-year in 2023 Q4 as well, setting the market on the path to gradual recovery in the coming quarters,” the report said.

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