The global smartphone market declined by 12% YoY even as it grew by 2% QoQ to reach 301 million units in Q3 2022. The market remained under pressure given global deteriorating economic conditions, according to research from Counterpoint.

Weakened demand caused by Russia’s escalating war in Ukraine, ongoing China-US political distrust and tensions, growing inflationary pressures across regions, a growing fear of recession, and weakening national currencies all caused a further dent in consumer sentiment.