The global smartphone market is seeing a significant recovery in the second quarter of 2024! according to the latest data from Canalys. Global shipments jumped 12% year-on-year to 288.9 million units! marking the third consecutive quarter of growth for the industry.
The rebound comes after a difficult period! including 2023! which was the worst year for the smartphone market in a decade. The recovery is attributed in particular to various product innovation initiatives and improved business conditions in the industry.
A changing competitive landscape
Samsung maintains its leading position with 19% market share! closely followed by Apple at 16%. Xiaomi completes the podium with 15% of the market! while vivo and Transsion share fourth place with 9% each. This distribution illustrates increased competition! particularly from Chinese brands that are gaining ground.
Much to Apple’s dismay! in particular! it is interesting to note rcs database that for the first time! local vendors dominate the top five in the Chinese market! highlighting the growing importance of regional players in some key markets! according to a press release issued in late July.
AI and 5G: drivers of growth
Generative artificial intelligence (AI) has clearly become a key it’s just business and there’s nothing wrong with it differentiator in the premium smartphone market. Backed by Google! Samsung is banking on integrating exclusive AI features into its Galaxy lineup to create a strong value proposition for consumers.
Meanwhile! 5G continues to play a crucial role in market growth! especially in the entry-level and mid-range segments. Samsung’s updated Galaxy A 5G series! for example! has helped sustain the manufacturer’s overall volumes.
Challenges and perspectives
Despite this encouraging growth! the market faces tongliao phone number list new challenges. The consumption of low-cost component stocks poses a challenge for consumer brands! while demand for competitive specifications remains high.
Canalys analysts remain cautious Smartphone market about the long-term outlook. While double-digit growth is unlikely for the full year of 2024! the market is still expected to grow in the mid-single digits! driven by inventory replenishment! easing import restrictions and improved economic sentiment.
