3Q22: Global Handset Revenues Drops 3% YoY; Shipments Fell 12% YoY

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Owing to the 10% YoY increase in the average selling price, the revenue downfall limited to 3%

As per a recent report from Counterpoint Research, in Q3 2022, the global smartphone handset market’s revenue declined 3% YoY to just cross the $100 bn mark. Interestingly, the average selling price (ASP) grew by 10% YoY due to the premium handset segment’s greater resilience to economic uncertainty.

Counterpoint’s Market Monitor Service noted that the record shipment contribution (46%) of 5G handsets, which cost 5x an average non-5G handset, also added to the ASP and revenue growth. In terms of shipments, it added, the overall handset market witnessed a 12% YoY drop in 3Q22.

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The report pointed out that a steeper revenue fall was prevented by a 10% YoY revenue growth of Apple. And as a result, the 5G revenue share reached an all-time high of 80%.

The second biggest handset OEM in terms of revenue, Samsung’s revenue declined 4% YoY in Q3 2022. It had a relatively modest ASP enhancement of 2% YoY this quarter, despite an almost doubling of the shipments of its premium Flip and Fold series in the same period as well as a 27% YoY revenue growth of its 5G smartphones.

Notably, Xiaomi’s handset revenue grew 4% YoY and its ASP grew 14% YoY to $205.

The COVID-19 restrictions and economic issues in China also resulted in a significant revenue decline YoY, since the country is the single biggest market for brands like OPPO and Vivo.

Counterpoint’s Senior Analyst Harmeet Singh Walia commented the following on the 5G effect on ASP growth: “At over $80 billion, the revenue contribution of 5G handsets reached an all-time high of 80% of global handset revenues, up from 69% in the third quarter of last year. In the same period, LTE handsets’ revenue contribution fell 10% to $19 billion. This shift from 4G to 5G has been led by Apple, which alone makes up for over half of all 5G revenues as over 95% of its phones are 5G-enabled. Apple saw a 10% YoY revenue growth and 7% YoY ASP growth in Q3 2022, contributing to an overall increase in global handset ASP. This is thanks in part to the launch of the iPhone 14 series as well as the Pro models, especially from the previous generation, doing well.”

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry.


 

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