The global smartphone marke declined 8% YoY and 5% QoQ in Q2 2023 according to a new analytical report from Counterpoint. While Samsung led the market with 22% market share with zero market share growth, Apple came in second delivering its highest-ever Q2 market share at 17%.

Apple is riding this “premiumization” wave, reaching record shares in multiple new markets which are typically not considered its core markets. A prime example is India, where it grew 50% YoY in Q2 2023. The continued strong performance of the premium segment has made sure that revenues don’t suffer as much as sales volumes, which is why brands are investing in market expansion and innovation in newer technologies.

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In general, all regions worldwide saw a contraction in sales, but the biggest decline was seen in relatively more developed markets such as the US, Western Europe and Japan, all of which recorded double-digit annual declines. For more, read the full Counterpoint report.