Chinese smartphone market is bleeding

According to Canalys, the global smartphone market contracted by 11 percent in the first quarter of this year. The data show that it was the worst first quarter since 2013. The number of deliveries in the first quarter was 67.6 million, down 11% from the same time last year. Apple went through it with moderately minor 3% diminishing in deals, which assisted it with overwhelming Oppo for the lead. 

Chinese smartphone market has been suffering

According to Canalys Research Analyst Lucas Zhong, this was the fifth consecutive quarter of double-digit decline. In the medium to long term, the pandemic had an effect on consumer behavior; as a result, people now prefer to spend their money on more essential necessities and rationally purchase electronic goods.

Companies selling smartphones have gradually adjusted to the declining market. Stock is as yet an issue, very much like any remaining significant business sectors all over the planet, catalyzing extraordinary rivalry in the lower-level classes. According to analyst Amber Liu, vendors will need to strike a balance between market share and profitability this year. However, almost all of the major players have already begun planning their growth strategies for 2024 and are looking for breakthroughs in hardware technology.