Q1 Global Mobile Report: Xiaomi & Transsion Surge

Global Smartphone Market Shows Signs of Recovery in Q1 2024

Recently, the latest report from IDC indicates a sign of recovery in the global smartphone market after a prolonged downturn. In the first quarter of 2024, global smartphone shipments reached 289.4 million units, marking a 7.8% year-on-year increase.

Q1 Global Mobile Report

Looking at the performance of various smartphone brands, the top five manufacturers in terms of global shipments in the first quarter were Samsung, Apple, Xiaomi, Transsion, and OPPO.

Specifically, in the first quarter, Samsung shipped 60.1 million units, a decrease of 0.7% compared to the same period last year, with a market share of 20.8%. Apple shipped 50.1 million units, experiencing a decline of 9.6% year-on-year, holding a market share of 17.3%. Xiaomi shipped 40.8 million units, witnessing a significant growth of 33.8% year-on-year, with a market share of 14.1%. Transsion shipped 28.5 million units, marking a remarkable surge of 84.9% year-on-year, with its market share expanding from 5.7% to 9.9%. OPPO shipped 25.2 million units, declining by 8.5% year-on-year, with a market share of 8.7%.

Q1 Global Mobile Report

After Apple led the market at the end of 2023, Samsung regained the top spot in the first quarter of this year, becoming the leading global smartphone supplier once again. Market forecasts suggest that Samsung and Apple will maintain their dominant positions in the high-end market. However, the resurgence of Huawei in the Chinese market, along with the significant growth trends of Xiaomi, Transsion, OPPO/OnePlus, and vivo, may compel these two industry giants to explore broader business expansion and diversification strategies.

The smartphone market is gradually overcoming the instability of the past two years, demonstrating a stronger and more dynamic development trend. IDC analyst Nabila Popal interpreted this, stating that with the global economic recovery, the market share of leading companies is expected to further expand, while smaller brands may face positioning challenges.

Popal also observed that the value and average selling price of the smartphone market are on the rise, reflecting consumers’ inclination towards purchasing higher-end and durable devices. Meanwhile, the competitive landscape among the top five companies is quietly shifting, and this change is expected to continue evolving as major manufacturers adjust their strategies post-economic recovery.

Source: Finance World

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