Infinix, TECNO, and Apple emerged as the fastest-growing smartphone brands in Southeast Asia in Q3 2023, with most countries showing signs of economic recovery.
According to Counterpoint Research, Q3 2023 smartphone shipments in Southeast Asia saw a 2% YoY (year-over-year) decline but surged 3% QoQ (quarter-over-quarter), indicating a recovery in smartphone demand—key growth factors, including more robust macroeconomic indicators, impactful new OEM launches, and aggressive promotions from these OEMs were the main contributing factors.
Consumers preference for low to mid-tier smartphones increased, with Infinix and TECNO emerging as the fastest-growing brands in the region, followed by Apple and itel. Infinix’s success in Indonesia and the Philippines has been quite remarkable. This report covers key Southeast Asian countries, including Indonesia, Thailand, Malaysia, the Philippines, and Vietnam.
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Diverse Trends in Key SEA Markets
Insights from key countries reveal various trends:
- Indonesia and Thailand: Experienced stagnant smartphone shipment growth. Thailand’s new government implemented measures to alleviate citizens’ living costs, positively impacting commodities. New model launches dominated shipments in Indonesia, with cautious spending ahead of the 2024 elections. Anticipate increased sales in Q4 2023.
- Vietnam: Witnessed economic recovery with a 5.33% GDP growth in Q3 2023, exceeding expectations. Strategic partnerships established during the prime minister’s US visit are expected to boost foreign investment.
- Philippines: Shows signs of economic recovery improved consumer confidence, but concerns persist over unemployment and high essentials costs for low-income families. Easing inflation may lead to increased household spending in the coming months, although overall household expenditure recovery might be gradual, affecting smartphone purchases.
- Malaysia: Faces industrial slowdown due to decreased demand for electrical and electronic products. Weaker exports contribute to GDP decline. Despite improving 5G connectivity and penetration, the industry is impacted by China’s economic challenges.
After a double-digit decline in Q2 2023, SEA countries demonstrated improvement in Q3 2023. Despite the positive trend, an annual YoY decline of approximately 8% is anticipated for the region in 2023. Southeast Asia remains a crucial market in the tech ecosystem due to its underpenetration in various sectors such as online banking, e-wallet usage, online shopping, and overall internet utilization.
Transsion vs other OEMs in Southeast Asia
- Transsion saw the highest growth during Q3 2023. TECNO grew 148% YoY, itel 17%, and Infinix witnessed a 42% growth. Different offerings from TECNO and Infinix with strong base specifications aided the brand’s growth in achieving the feat.
- Apple saw a 19% YoY increase in shipments, thanks to strong demand for the iPhone 13, 14, and the newly launched 15 series.
- Samsung, with a 21% market share, maintained its lead. The A05 series and premium models like Z Flip 5, Z Fold 5, and S series contributed to its robust A-series presence. Premium model promotions expanded to Indonesia and the Philippines, targeting affluent consumers less affected by economic challenges. Samsung dominated in Indonesia, Thailand, and Vietnam in Q3 2023.
- Xiaomi experienced a 7% shipment growth, propelled by the success of the Redmi 12 series across key SEA countries. Effective promotions and new model launches contributed to Xiaomi’s increased shipments, making it the leading brand in Malaysia during Q3 2023.
- realme reported flat growth in Q3 2023, retaining its position as the top brand in the Philippines.
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