New Delhi, May 1 (SocialNews.XYZ) The smartphone sales in China decreased 14 per cent year-on-year (YoY), reaching 74.2 million units, in the first quarter of 2022, says a new report.
According to research firm Counterpoint, the quarter's volumes were close to the levels seen during the severe pandemic-hit first quarter in 2020.
"China's economy grew by only 4.8 per cent YoY in Q1 2022, lower than the 5.5 per cent annual growth target set by the government, as the country was weighed down by the pandemic and related lockdowns," Mengmeng Zhang, Research Analyst.
Vivo led the market in the first quarter, capturing a 20 per cent share, followed by OPPO (18 per cent) and Apple (18 per cent). HONOR was China's fastest-growing OEM (167 per cent YoY) in the first quarter.
"Retail growth also dropped by 3.5 per cent in March, falling for the first time since August 2020. Unemployment rates in big cities also reached record highs," Zhang said.
"These factors, combined with the downward demand trend already visible in China's smartphone market before the fresh pandemic wave, impacted the sector significantly," Zhang added.
Sales of Xiaomi devices declined YoY but outperformed the market with 12 per cent quarter-on-quarter (QoQ) growth.
Source: IANS
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