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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."
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