In the second quarter of 2024, the global smartphone market witnessed a 6.5% growth in shipments compared to the same period last year, according to IDC’s latest report. This marks the fourth consecutive quarter of shipment growth, signaling a steady recovery expected to continue through the year.
Leading Manufacturers and Market Dynamics
Samsung and Apple continue to dominate the market, with all top five manufacturers reporting increased shipments:
| Company | Q2 2024 Shipments (in millions) | Q2 2024 Market Share | Q2 2023 Shipments (in millions) | Q2 2023 Market Share | Growth |
|---|---|---|---|---|---|
| Samsung | 53.9 | 18.9% | 53.5 | 20.0% | 0.7% |
| Apple | 45.2 | 15.8% | 44.5 | 16.6% | 1.5% |
| Xiaomi | 42.3 | 14.8% | 33.2 | 12.4% | 27.4% |
| Vivo | 25.9 | 9.1% | 21.3 | 7.9% | 21.9% |
| Oppo | 25.8 | 9.0% | 25.4 | 9.5% | 1.8% |
| Others | 92.1 | 32.3% | 90.1 | 33.6% | 2.3% |
| Total | 285.4 | 100% | 268.0 | 100% | 6.5% |
IDC attributes this market growth to the increasing adoption of AI features and higher average selling prices. Samsung and Apple, in particular, have benefited significantly from these trends. Meanwhile, Chinese manufacturers such as Xiaomi, Vivo, and Oppo have seen notable growth, especially in the lower-end segment, although their mid-range market share faces challenges.
AI and Market Trends
One significant trend highlighted in the report is the rise of smartphones with AI capabilities, which are forecasted to comprise 19% of all shipments. This represents the fastest growth IDC has observed for any mobile innovation. The premiumization trend, where consumers opt for higher-end devices, has also contributed to the market’s performance, especially benefiting Apple and Samsung.
Future Outlook
The growth in Q2 2024 comes after a period of weak demand in the previous year, providing an encouraging outlook for the smartphone market. Companies are adjusting product specifications and pricing strategies to maintain profitability while focusing on AI as the next major growth driver following the advancements in 5G and foldable devices.
Overall, the report suggests a positive trajectory for the smartphone industry, driven by technological innovations and strategic market positioning.
ALSO READ:
