The global smartphone Market grew 6% QoQ to reach 342 million units in Q3 2021, according to the latest research from Counterpoint’s Market Monitor service. However, the market declined 6% YoY due to the ongoing global component shortages and the slow recovery of key markets such as China and parts of Europe.

Commenting on the overall market dynamics, Research Director Tarun Pathak said, “During the September quarter, we saw supply constraints that were even more severe than those experienced during the June quarter. The global semiconductor shortage finally also took a toll on the end consumers. Due to the demand-supply mismatch, most components used in smartphones have seen upward price movements, forcing some major OEMs to increase the retail prices of some models. 

This led to declines in shipment volumes, especially in the entry tier segment, which limited the growth potential. As a result, market demand was met by mid-to high-tier smartphones that helped drive the quarter to a record revenue even with the declining shipments. Apple and Samsung refreshing their premium Series with iPhone 13 series and Fold series respectively, added to the revenue growth”.