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Buenos Aires, New Delhi, Hong Kong, Seoul, London, Beijing, San Diego – June 22, 2023
Ecuador’s smartphone shipments increased 18% YoY in Q1 2023, according to the latest research from Counterpoint’s Market Monitor service. In QoQ terms also, the shipments increased by 18%. Xiaomi strengthened its position to take the top spot while Samsung, the biggest loser, dropped 50 basis points in its market share. Transsion brands boosted their total market volume. On the other hand, LATAM smartphone shipments declined 9.9% YoY in Q1 2023 on weak consumer demand.
Commenting on the market trends, Principal Analyst Tina Lu said, “The Ecuadorian market has held strong against the global and regional downward trends. In fact, Q1 2023 was its best first quarter since 2018. The Ecuadorian government reduced mobile device import duty from 15% to 0% in 2022. It also reduced the import taxes on other telecommunication network equipment. All these stimulated the smartphone market and drove a higher rate of replacement despite the current economic deceleration and political turmoil. On top of this, the Transsion group’s Infinix and TECNO brands have successfully penetrated the country with their affordable smartphones, driving higher overall market shipments.”
Note: Figures may not add up to 100% due to rounding.
Source: Counterpoint Research Q1 2023 Market Monitor.
Research Analyst Andres Silva said, “HONOR doubling its volume this Q1 is a pleasant surprise. This will make the market more competitive. Apple too has been slowly increasing its volume in the country since 2018. Over the years, many OEMs like Motorola and Huawei have unsuccessfully tried to penetrate the market. Ecuador’s macroeconomic performance, such as a comfortable level of inflation, has attracted these OEMs. The country has been perceived as a small but stable economy in South America.”
Q1 2023 market summary
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
Analyst Contacts
Tina Lu
Andres Silva
Peter Richardson
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