Global smartphone shipments are expected to decline to the lowest level in a decade this year due to slow demand in major markets.

According to a report by the market research firm Counterpoint Technology Market Research on Thursday, global shipments are expected to total one-point-15 billion this year, falling six percent from a year earlier to post the lowest in ten years.

The report attributed the drop to sluggish demand in both the U.S. and China, the two largest markets for smartphones.

Amid the overall decline, Apple is likely to overtake Samsung Electronics to claim the top spot in annual global smartphone shipments for the first time, with Counterpoint noting that Apple is well-placed to weather the downturn as with its launch the new iPhone 15 next month.