The global smartphone market continued its bounce back in the opening quarter of 2024, led by sharp increases from Chinese vendors.According to the International Data Corporation (IDC), the market is seeing a major shift.
IDC Research Director, Nabila Popal, said the market is “emerging from the turbulence of the last two years both stronger and changed”, predicting continued growth in value and ASPs as consumers opt for more expensive devices knowing they will hold onto their devices longer.
Shipments in the opening quarter rose 7.8 per cent year-on-year to 289.4 million units, the third consecutive quarter of shipment growth. While shipments of iPhones dropped 9.6 per cent to 50.1 million, Samsung’s were flat at 60.1 million, with its market share slipping to 20.8 per cent from 22.5 per cent. Apple’s share dropped to 17.3 per cent from 20.7 per cent. Xiaomi and Transsion registered 33.8 per cent and 84.9 per cent growth, respectively, with shipments of 40.8 million and 28.5 million.
According to the IDC data, Oppo shipped 25.2 million devices between January and March. The company’s market share stood at 8.7 per cent. Noting that the smartphone industry is not completely out of the woods, as macroeconomic challenges remain in many markets, IDC said the Q1 record marks the third consecutive quarter of shipment growth, a strong indicator that a recovery is well underway.
Group Vice President, IDC’s Worldwide Mobility and Consumer Device Trackers, Ryan Reith, said: “As expected, smartphone recovery continues to move forward with market optimism slowly building among the top brands.
“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 original equipment manufacturers (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,” he added.
Popal however, added: 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 five companies, which will likely continue as market players adjust their strategies in a post-recovery world,” he said.
