Monday, May 27, 2024

Samsung reclaims lead as global smartphone market up 7.8% in Q1 of 2024

According to preliminary data from research firm IDC, global smartphone shipments increased 7.8% year over year to 289.4 million units in the first quarter of 2024 (1Q24).

While the industry is not completely out of the woods, as macroeconomic challenges remain in many markets, this marks the third consecutive quarter of shipment growth, a strong indicator that a recovery is well underway.

“As expected, smartphone recovery continues to move forward with market optimism slowly building among the top brands,” said Ryan Reith, group vice president with IDC’s Worldwide Mobility and Consumer Device Trackers.

“While Apple managed to capture the top spot at the end of 2023, Samsung successfully reasserted itself as the leading smartphone provider in the first quarter.

“While IDC expects these two companies to maintain their hold on the high end of the market, the resurgence of Huawei in China, as well as notable gains from Xiaomi, Transsion, OPPO/OnePlus, and vivo will likely have both OEMs looking for areas to expand and diversify.

“As the recovery progresses, we’re likely to see the top companies gain share as the smaller brands struggle for positioning.”

“The smartphone market is emerging from the turbulence of the last two years both stronger and changed,” said Nabila Popal, research director with IDC’s Worldwide Tracker team.

“Firstly, we continue to see growth in value and average selling prices (ASPs) as consumers opt for more expensive devices knowing they will hold onto their devices longer. Secondly, there is a shift in power among the Top 5 companies, which will likely continue as market players adjust their strategies in a post-recovery world.

“Xiaomi is coming back strong from the large declines experienced over the past two years and Transsion is becoming a stable presence in the Top 5 with aggressive growth in international markets.

“In contrast, while the Top 2 players both saw negative growth in the first quarter, it seems Samsung is in a stronger position overall than they were in recent quarters.”

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