In the second quarter of 2024, the global smartphone market experienced a 6.5% growth, as per the latest data from IDC’s Worldwide Quarterly Mobile Phone Tracker. The market saw an increase in shipments to 285.4 million units, marking the fourth consecutive quarter of growth, indicating a positive trend towards recovery.
Samsung maintained its top position with an 18.9% market share, followed closely by Apple at 15.8%. Xiaomi secured the third spot with 14.8%, while vivo and OPPO tied for fourth place with approximately 9% each. The market is witnessing ongoing premiumization, benefiting Apple and Samsung, while Chinese OEMs are focusing on increasing shipments in the low-end segment to capture volume share amidst weak demand.
There is growing excitement around Gen AI smartphones, which are expected to capture 19% of the market in 2024. Nabila Popal, senior research director at IDC, highlighted the challenges faced by mid-range devices and the rapid growth of Gen AI smartphones, forecasted to reach 234 million shipments this year.
The second half of 2024 is anticipated to be highly competitive, with more Gen AI smartphones launching and potentially driving the next wave of growth in the industry. Despite the positive trend, analysts note that the recovery remains soft, with some OEMs taking a less aggressive approach due to BOM cost pressures.
As the smartphone market continues to evolve, with AI capabilities and premium devices shaping its future trajectory, competition is expected to increase. IDC foresees a very positive and interesting second half of the year with a tight race among the leading OEMs, potentially reshaping the market landscape.
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