Organization: Global Smartphone Shipments Up 11% in Q1 2024

Global Smartphone Shipments Up 11% in Q1 2024

Market Share of Global Smartphone Manufacturers in Q1 2024. Image/Canalys

On April 16, according to a report released by Canalys, a market research firm, global smartphone shipments in the first quarter of 2024 increased by 11% year-on-year. With the active promotion of Galaxy AI, Samsung returned to the top with a 20% market share. Apple ranked second with a market share of 16%, facing challenges in its strategic key markets. Thanks to the competitive advantage of Xiaomi’s new popular model, Redmi A3, it ranked third with a 14% market share. Transsion ranked fourth with a 10% market share, and OPPO ranked in the top five with an 8% market share.

Analyst Zhou Lexuan from Canalys commented, “The global smartphone market has had a good start, showing significant improvement compared to the same period last year. The development in the first quarter of 2023 was difficult due to economic downturn and inflationary pressures. However, with the stabilization of the economy, the launch of new products, and increased promotional efforts, the market rebounded, providing excellent opportunities for smartphone manufacturers to revitalize market growth. Manufacturers are seizing new opportunities by promoting their high-quality products, such as advanced AI features and services on flagship products, and adopting ecosystem-based product strategies. Apple is likely to announce its AI strategy in 2024, which will provide opportunities for the brand to drive the development of its high-end products and reignite product innovation across the entire ecosystem.”

Zhou Lexuan added, “Market price polarization is becoming increasingly severe. The entry-level market is saturated, with Xiaomi and Transsion introducing new products. Meanwhile, vivo, OPPO, and Samsung aim to gain a larger share in the high-end market through increased marketing efforts and exploring new growth paths. By continuously promoting Galaxy AI, Samsung has successfully boosted shipments of its S24 series, surpassing the performance of the previous generation. Looking ahead, manufacturers are increasing their investment in emerging regions such as Latin America and Southeast Asia, where there is a growing middle class. Compared to saturated markets, smartphone penetration rates in these markets are steadily increasing, while preferences for high-end models are also rising.”

Canalys research analyst Zhong Xiaolei stated, “Despite the positive market trend, smartphone manufacturers must closely monitor inventory levels. In the face of uncertain global inflation, manufacturers are adopting a cautious approach to inventory management to mitigate the risk of oversupply and ensure financial stability. Canalys predicts a slight decrease in inventory in the second quarter of 2024, with channel partners aiming to clear inventory accumulated over the past few quarters to make room for new product releases in the second half of the year, thereby achieving more sustainable growth.”

Editor: Li Zheng

Proofreader: Liu Baoqing

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