The global smartphone market is sinking slowly— but the market dropping effects are significantly observed in China. Tim Cook—Apple CEO—noticed a reduction in demands in the globally chief smartphone market as a major factor behind Apple’s lowered estimations. Recently, According to Canalys reports, another huge drop occurred in the country’s smartphone trading for 2018.
The firm said that smartphone consignments were slumped by 14 percent in China for the year. It is observed that shipments have been dropped consecutively in the two years, following an impressive growth in the smartphone market by China for more than five years. Around 396 million units were exported last year, touching its lowest level since 2013.
Chinese domestic smartphone companies got a golden opportunity to expand. Of various companies, Huawei, Oppo, Vivo, and Xiaomi managed to rapidly grow in that time and grabbed the top four positions in the market. Apple, the alone U.S.-based smartphone developer, managed to grab the fifth position in the Chinese market, but still plunging by 13 percent.
The U.S.-China trade war has also strongly impacted the automobile market. Recently, Great Wall Motor sprawled to lead a great downfall for Chinese automakers. The considerable decline in the demands of automobiles in the world’s largest car market is due to the rising inventory stocks and plunging domestic economy.
The significant decline in auto sales was observed last year, which comprises 2.8 percent or 28 million units, including public and commercial vehicles, as Beijing began to impose tariffs on smaller cars and the U.S.-China trade war helped softening the economic growth. While lawmakers have been indicating a plan to hold up the industry by financially supporting new energy automobile purchases, rising stocks at vendor have much concerned
Meanwhile, the administration has been trying to encourage purchases of durable products as part of multiple efforts to prop up the globally second-largest economy.