Monday, February 26, 2024

Cautious outlook for 2024 in the global smartphone market

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Shillong, October 29: The global smartphone market is expected to experience modest growth in 2024, as companies conclude this year with healthier inventory levels, allowing them to replenish stocks in anticipation of potential demand recovery.

IANS reported that according to a report by Canalys, regional performance is poised to diverge due to ongoing regional conflicts and geopolitical tensions.

Lucas Zhong, a research analyst, emphasized the need for vendors to maintain flexibility in their strategies to capitalize on growth opportunities in specific regions. He also stressed the importance of closely monitoring end demand in different regions to strategically allocate resources and prevent disruptions.

In the fiercely competitive market, vendors must continuously enhance their capabilities and focus on optimizing profits and their product portfolio.

In Q3, the global smartphone market witnessed a marginal decline of 1 percent, with total shipments reaching 293.4 million units. This dip followed vendors’ efforts to introduce new models after a healthy inventory level in Q2.

Samsung maintained its leading position, shipping 57.4 million units, commanding a 20 percent market share. Apple secured the second spot, with 50 million units shipped, gaining a 17 percent market share, driven by robust demand for the iPhone 15 series featuring a USB-C upgrade.

Xiaomi claimed the third position, shipping 41.5 million units and achieving a 2 percent annual growth, primarily due to its strong performance in emerging markets. OPPO (including OnePlus) held the fourth position, shipping 26.4 million units and capturing a 9 percent market share. The TRANSSION Group, including Tecno, Infinix, and iTel brands, maintained its fifth position, shipping 26 million units.

Sanyam Chaurasia, a senior analyst, highlighted the rising demand for new offerings in emerging markets as the holiday season approaches, with Xiaomi and the TRANSSION Group being the only brands among the top five to experience growth in the previous quarter.

Vendors are actively seeking opportunities to solidify their presence in the premium smartphone market. However, the increasing availability of foldable smartphone options presents a challenge to Samsung’s dominance in this segment. Zhong noted that OPPO strategically introduced the Find N3 and OnePlus Open models in various regions, showcasing Android brands’ ambitions to capture the global foldable market.

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