Top Stories
China’s smartphone makers chip away at Samsung, Apple’s Russian market share
Global Banking & Finance Review®
Company
(Reuters) – China’s market share in the Russian smartphone market jumped significantly in May as manufacturers like Apple and Samsung paused new sales in Russia and Western sanctions weighed on the Russian economy.
(Reuters) – China’s market share in the Russian smartphone market jumped significantly in May as manufacturers like Apple and Samsung paused new sales in Russia and Western sanctions weighed on the Russian economy.
Chinese manufacturers Xiaomi, Realme and Honor accounted for 42% of Russia’s smartphone sales in May 2022, according to data from mobile network MTS shared with Reuters, – up from 28% during the same month last year.
South Korea’s Samsung lost its spot as the market leader, with 14% of devices sold versus 28% last year, and Apple’s share dropped to 9% from 12%.
Overall smartphone sales were down 26% year-on-year, MTS said, as Western sanctions and supply chain disruptions have severely hit Russia’s consumer economy.
Apple and Samsung stopped new product sales in Russia after Moscow sent its army into Ukraine in late February, but retailers have been able to use up existing stocks.
The Kremlin has also moved to allow Russian companies to ship in some products, including smartphones, without the license holder’s permission in a so-called “parallel imports” scheme.
(Reporting by Reuters)
Market share refers to the percentage of an industry's sales that a particular company controls. It is a key indicator of a company's competitiveness in a market.
Western sanctions are restrictive measures imposed by countries, often to influence a nation's behavior. They can include trade restrictions, asset freezes, and travel bans.
Parallel imports are goods imported into a country without the permission of the original manufacturer. This often occurs to bypass price controls or distribution agreements.
A smartphone is a mobile phone that includes advanced features such as internet connectivity, touchscreen interface, and the ability to run applications.
Consumer perception is how customers view and interpret a brand or product based on their experiences, beliefs, and marketing messages.
Explore more articles in the Top Stories category
