Preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker indicates a 6.5% year-over-year increase in global smartphone shipments, reaching 285.4 million units in the second quarter of 2024 (2Q24). This marks the fourth consecutive quarter of growth, signaling a potential recovery, although demand remains inconsistent across various markets.
“Recovery is progressing with the top five companies achieving year-over-year gains, yet competition is intensifying, and price bands are polarizing,” said Nabila Popal, senior research director with IDC’s Worldwide Tracker team. “Apple and Samsung continue to dominate the premium market, benefiting from the trend toward higher-priced models. Meanwhile, leading Chinese OEMs are increasing shipments of low-end devices to capture volume share amidst weak demand, challenging the market share of mid-range devices.”
Global smartphone market grew 6.5% in Q2, led by Samsung and Apple, IDC says https://t.co/b6WMaGXBBs
— Janek Wagner (@janekwagner) July 15, 2024
Popal added that excitement in the smartphone market is fueled by higher average selling prices (ASPs) and the buzz around Gen AI smartphones. These devices are expected to grow faster than any previous mobile innovation, forecasted to capture 19% of the market with 234 million shipments this year.
In 2Q24, Samsung led the market with an 18.9% share of shipments, driven by a strategic focus on flagship models and a robust AI strategy. Apple followed with a 15.8% share, showing improved performance in China and other key regions. Xiaomi secured third place with a 14.8% share, while vivo and OPPO tied for fourth with 9.1% and 9.0% shares, respectively. Xiaomi and vivo achieved double-digit growth, particularly in emerging markets and China, while OPPO’s growth was attributed to successful expansion outside China.
“The growth in 2Q24 offered some relief to OEMs, although it’s partly supported by a low comparison base,” said Will Wong, senior research manager for Client Devices at IDC Asia/Pacific. “The overall recovery remains slow, with some OEMs adopting less aggressive strategies in response to BOM cost pressures, refining product specifications, or adjusting pricing to ensure profitability. The second quarter is more of a prelude to the anticipated launch of more Gen AI smartphones in the second half of the year, which could be the next significant growth driver after 5G and foldables.”
Global smartphone market grew 6.5% in Q2, led by Samsung and Apple, IDC says https://t.co/PtkOPeIuJQ Follow for more #StocksToWatch #StocksToBuy #StockMarketNews pic.twitter.com/O73WRsaDc9
— ProfitTradingUSA (@ProfitTradingUS) July 15, 2024
According to preliminary results, Samsung shipped 53.9 million units in 2Q24, capturing 18.9% of the market. Apple followed with 45.2 million units, holding a 15.8% share. Xiaomi shipped 42.3 million units, securing a 14.8% share. Vivo and OPPO both showed strong performances, shipping 25.9 million and 25.8 million units respectively, with market shares of 9.1% and 9.0%.
IDC Tracker products provide accurate and timely market size, vendor share, and forecasts for hundreds of technology markets in more than 100 countries. For more information about IDC’s Worldwide Quarterly Mobile Phone Tracker, please contact Jackie Kliem at 508-988-7984 or jkliem@idc.com.
Key Points:
i. Global smartphone shipments increased by 6.5% year over year in Q2 2024, reaching 285.4 million units.
ii. Samsung led the market with an 18.9% share, followed by Apple with 15.8%.
iii. Xiaomi, vivo, and OPPO also saw significant growth, particularly in emerging markets and China.
iv. The market is driven by higher ASPs and the excitement around Gen AI smartphones, expected to capture 19% of the market with 234 million shipments this year.
v. IDC anticipates that the launch of more Gen AI smartphones in the second half of the year will drive further growth.
Lap Fu Ip – Reprinted with permission of Whatfinger News
