GCC Smartphone Market Posts Growth in Q2 2023
September 25, 2023 | IDCEstimated reading time: 1 minute
Newly released data from IDC's Worldwide Quarterly Mobile Phone Tracker shows that shipments of smartphones to the Gulf Cooperation Council (GCC) region increased 2.9% year on year in Q2 2023, with growth of 2.8% on the previous quarter.
The region's two major markets, Saudi Arabia and the UAE, both experienced annual and quarterly growth in shipments. This was due to launches and shipments of popular models in the midrange price segments. In the previous quarter, the market's major brands and channels had focused on premium releases; however, in Q2 2023, there was an increased focus on products from the low-end and midrange price bands ($100<400), which resulted in the region's average selling price (ASP) declining on the previous quarter.
Samsung led the GCC's overall smartphone market in shipment terms in Q2 2023, followed by Apple in second place and Xiaomi in third. "Apple's ability to maintain high ASPs in the market incentivized the channel to increase inventory in Q2 2023, with the vendor posting an annual and quarterly increase in shipments," says Akash Balachandran, a research manager at IDC. "However, Samsung posted annual and quarterly declines due to fewer shipments of its entry-level devices. Q2 is traditionally a launch quarter for Xiaomi, with the vendor introducing its new line of models, helping to spur growth in its shipments.”
Looking ahead, IDC expects growth in the GCC market to remain muted. "Smartphone markets will remain strained as global macroeconomic tensions take their toll on sub regions such as the GCC," says Ramazan Yavuz, a senior research manager at IDC. "Consumer confidence is low, which will inevitably have a negative impact on demand, and budgets for device renewals are constrained. All of these factors will impact the smartphone market, leading to a flat forecast for 2024 and making a rapid recovery unlikely."
Suggested Items
Lockheed Martin Australia, The Department Of Defence Sign Strategic Partnership Head Contract
04/26/2024 | Lockheed MartinLockheed Martin Australia signed a landmark AUD$500 million contract with the Department of Defence to build Australia’s future Joint Air Battle Management System under project - AIR6500 Phase 1 (AIR6500-1).
Amphenol Reports Q1 2024 Results, Announces New Stock Repurchase Program
04/26/2024 | BUSINESS WIREAmphenol Corporation reported first quarter 2024 results. In addition, the Company is announcing a new three-year, $2 billion stock repurchase program.
KLA Corporation Reports Fiscal 2024 Third Quarter Results
04/26/2024 | KLAKLA Corporation announced financial and operating results for its third quarter of fiscal year 2024, which ended on March 31, 2024, and reported GAAP net income of $601.5 million and GAAP earnings per diluted share of $4.43 on revenue of $2.36 billion.
SMC Korea 2024 to Highlight Semiconductor Materials Trends and Innovations on Industry’s Path to $1 Trillion
04/24/2024 | SEMIWith Korea a major consumer of semiconductor materials and advanced materials a key driver of innovation on the industry’s path to $1 trillion, industry leaders and experts will gather at SMC (Strategic Materials Conference) Korea 2024 on May 29 at the Suwon Convention Center in Gyeonggi-do, South Korea to provide insights into the latest materials developments and trends. Registration is open.
Taiyo Circuit Automation Installs New DP3500 into Fuba Printed Circuits, Tunisia
04/25/2024 | Taiyo Circuit AutomationTaiyo Circuit Automation is proud to be partnered with Fuba Printed Circuits, Tunisia part of the OneTech Group of companies, a leading printed circuit board manufacturer based out of Bizerte, Tunisia, on their first installation of Taiyo Circuit Automation DP3500 coater.