The Saudi Arabia smartphone market was among the few to record year-over-year growth in quarter with Apple taking the number two spot, according to Counterpoint Research.
Even as many economies struggled in 2022 amid macroeconomic and geopolitical pressures, Saudi Arabia was bolstered by its highest oil revenues in decades, all-time-low unemployment rates, all-time-high non-oil economic activity and strong private consumption, notes the research group.
Among smartphone manufacturers, Samsung and Apple continued to take over half of the total smartphone shipments in the first quarter of 2023 with Samsung taking the #1 spot. However, Apple’s smartphone shipments nearly doubled year-over-year led by the popularity of its iPhone 14 series, especially the Pro versions, and as older models became affordable and available.
Apple reached its highest-ever first quarter shipment share in Saudi Arabia in 2023. Counterpoint Research says the brand has greatly benefitted from the rise of financing options, like the “Buy Now, Pay Later” model, in Saudi Arabia, making its devices accessible to a greater demographic.
Besides, a rising mean wage and stable exchange rates increased the average Saudi Arabian consumer’s purchasing power in 2022, adds the research group. iPhones took four of the top five spots in the bestseller list for the first quarter of 2023, with the iPhone 14 Pro coming out on top.
Counterpoint Research expects the Saudi Arabia smartphone market to continue its growth momentum in 2023, with annual shipments likely to grow in low single digits.