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The company is also competing hard against Xiaomi, which previous year almost doubled its market share but was held to just 9% growth in 2018.

Market share leader Samsung posted shipment volume of 72.3 million in the quarter, down 13.3% from 83.4 million shipments in the third quarter of a year ago. Apple shipments remained unchanged but the revenue increased by 29 percent with a record average selling price of $793. As for the Apple is concerned, it had shipped 46.9 million units in the Q3 of 2018 which, translates to growth in market share from 11.9 percent to 13 percent this year. Xiaomi continues to slow, due to intensified competition from Huawei in its key markets of India and China.

Counterpoint Research released earlier today the latest report on global smartphone shipments. Apples iPhone shipment was up to 0.5% year on year to 46.7 million. The market leader shipped 72.2 million units during the period, a 13.4 percent year-over-year drop. Counterpoint estimates that 386.8 million phones were shipped globally in Q3 of 2018, down 3% from Q3 of 2017, while IDC estimates the decline at 6%. The fourth quarter will include shipments for the vastly popular iPhone XR, which have not been counted in IDC's Q3 figures.

Samsung continued to lead the smartphone market with 19 percent market share in the quarter.

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Counterpoint Research associate director Tarun Pathak commented: "Despite the decline in its home market, Chinese brands OPPO, vivo and Xiaomi reached new highs in smartphone shipments in a quarter".

This trend suggests that the companies are reducing their dependence on domestic sales and expanding to markets outside China, such as countries in the Asia Pacific and Europe, Pathak said. Research Analyst Shobhit Srivastava explained that Chinese players are leading the way into the emerging markets as they venture out to capture sales. However, this also presents long-term growth opportunities for OEMs with many entering such markets to grow their sales.

While the overall smartphone market has declined for four straight quarters, two things stand out as major factors in the third quarter.