Canalys figures showed global smartphone shipments contracted by 9 per cent year-on-year in Q3, which it branded the worst third quarter since 2014 while warning of further woes over the next six-to-nine months.

The research company cited economic instability as the main factor behind the decline in sell-in to around 300 million units, noting consumers prioritised other spending over electronics.

Samsung remained the market leader, with its share growing from 21 per cent in Q3 2021 to 22 per cent on the back of heavy promotions. Apple followed, with a share of 18 per cent compared with 15 per cent in the 2021 quarter.

Canalys stated the US vendor was the only one to register positive growth over the past three years.

Chinese vendors Xiaomi, Oppo and Vivo continued to implement a careful approach to international market expansion as domestic demand remained gloomy.

Xiaomi held third place with an unchanged 14 per cent share, while its local rivals both lost some ground.

Analyst Amber Liu noted most vendors are looking to prevent the risk of inventory build-up as global demand for smartphones slows, with significant stockpiles in July largely cleared by September after “aggressive discounting and promotions”.

Liu’s colleague Sanyam Chaurasia added there was little optimism of relief in Q4 or H1 2023, meaning manufacturers must “work on a prudent production forecast” to match supply with demand.

Chaurasia added the forthcoming holiday selling period would see consumers seek out “steep discounts and bundling promotions, as well as significant price reductions on older-generation devices”.