Worldwide Smartphone Market Grew 6.5% in the Second Quarter of 2024 as Momentum Continues to Build
July 15, 2024 | IDCEstimated reading time: 2 minutes
According to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker, global smartphone shipments increased 6.5% year over year to 285.4 million units in the second quarter of 2024 (2Q24). Although this marks the fourth consecutive quarter of shipment growth and builds the momentum towards the expected recovery this year, demand has yet to come around in full and remains challenged in many markets.
"While recovery is well under way with the top 5 companies all making year-over-year gains, we are seeing increasing competition amongst the leaders and a polarization of price bands. As Apple and Samsung both continue to push the top of the market and benefit the most from the ongoing premiumization trend, many leading Chinese OEMs are increasing shipments in the low end in an attempt to capture volume share amidst weak demand. As a result, the share of mid-range devices is challenged," said Nabila Popal, research director with IDC's Worldwide Tracker team. "Still, there is lots of excitement in the smartphone market today thanks to higher average selling prices (ASPs) and the buzz created by Gen AI smartphones, which are expected to grow faster than any mobile innovation we have seen to date and forecast to capture 19% of the market with 234 million shipments this year."
The preliminary market results show that Samsung captured the top position in 2Q24 with 18.9% share of shipments, thanks to a strategic focus on its flagships and a strong AI strategy. Apple finished the quarter in second place with 15.8% share with improved performance in China and other key regions. The leading companies both saw modest growth year over year. Xiaomi placed third in 2Q24 with 14.8% share while vivo and OPPO tied* for the fourth position with 9.1% and 9.0% share respectively. Xiaomi and vivo both saw double-digit growth with strong performances in emerging markets and China, while OPPO's 1.8% growth was due to a successful ongoing expansion outside China. As competition increases, IDC expects a very positive and interesting second half of the year with a tight race among the leading OEMs.
"The growth in 2Q24 continued to provide some relief to the OEMs, though it's partly supported by a low comparison base and the overall recovery is still at a soft pace," said Will Wong, senior research manager for Client Devices at IDC Asia/Pacific. "Some OEMs took a less aggressive move in 2Q24 amid the BOM costs pressure, which prompted the companies to refine the product specs or pricing to ensure profitability. Nevertheless, the second quarter is more like a prelude before more Gen AI smartphones are launched in the second half of the year, which will potentially be the next growth driver after 5G and foldables."
Suggested Items
AIM Solder Appoints Kevin Kwan as Business Development Manager in Asia
09/06/2024 | AIM SolderAIM Solder, a global leader in solder assembly materials for the electronics industry, is thrilled to announce the appointment of Kevin Kwan as Business Development Manager for the Asian market.
Global Wrist-Worn Device Market Ships Almost 44 Million Units in 2Q 2024, Led by China’s 10.9% YoY Growth
09/05/2024 | IDCBoeing and Nigeria to Collaborate in Advancing Country’s Aviation Ecosystem
09/02/2024 | BoeingBoeing and the Federal Ministry of Aviation and Aerospace Development of Nigeria signed a Memorandum of Understanding (MoU) to strengthen the West African country’s aviation sector.
Urgent Orders Boost Wafer Foundry Utilization in Q2; Global Top 10 Foundry Revenue Grows 9.6% while VIS Climbs Two Spots
09/02/2024 | TrendForceTrendForce’s latest investigations have found that the arrival of China’s 618 mid-year shopping season as well as inventory levels of consumer electronics reaching healthier levels, have prompted customers to begin restocking components, resulting in urgent orders for wafer foundries. This surge in demand has significantly improved capacity utilization rates compared to the previous quarter.
Electronics Manufacturing Services Market to Grow by $164.6 Billion from 2024-2028
08/30/2024 | PRNewswireThe global electronics manufacturing service market size is estimated to grow by $164.6 billionn from 2024-2028, according to Technavio.