The global smartphone revenue declined by 9 per cent, amounting to $409 billion in 2022, the lowest since 2017, a new report has said.

According to Counterpoint Research, the global smartphone market declined by 18 per cent (year-over-year) to reach 304 million units in Q4 2022.

"The smartphone market remained under pressure in the fourth quarter of 2022 as the cost-of-living crisis, shortage in the labour market and a decline in consumers' purchasing power resulted in double-digit declines in the shipments of each of the top five smartphone players," said Senior Analyst Harmeet Singh Walia.

Moreover, Apple achieved an all-time high revenue share of 48 per cent in 2022, and also captured the highest-ever operating profit share of 85 per cent.

"Having proficiently managed its production problems, Apple was able to weather a year already marred by economic and geopolitical turmoil better than other major smartphone players," said Research Director Jeff Fieldhack.

Chinese smartphone players suffered from domestic lockdowns for much of the year in addition to facing global economic and geopolitical difficulties, said the report.

As a result, the shipments of Xiaomi, OPPO and Vivo fell by more than 20 per cent each.

Despite offering premium phones at aggressive margins, Chinese brands have yet to break into the premium market and have been unable to fully capitalise on Huawei's decline, the report added.