Global Smartphone Market Likely to See Modest Growth in 2024
According to a recent report by Canalys, the global smartphone market is expected to experience modest growth in the year 2024. This is due to various companies ending the year with healthier inventory levels, allowing them to rebuild their stock and prepare for a potential increase in demand.
The report also highlights regional performance variations, which can be attributed to conflicts and geopolitical tensions in different regions. To seize growth opportunities in specific regions, vendors are advised to remain flexible and adaptable in their strategies. Close monitoring of end demand in different regions is also crucial for resource allocation optimization and to avoid any disruptions.
In a highly saturated market, vendors are urged to continuously enhance their capabilities and focus on profit and product portfolio optimization. In Q3, the global smartphone market saw a slight decline of 1%, with 293.4 million units shipped. This decrease was attributed to vendors pushing new models following a healthy inventory level in Q2.
Leading the market was Samsung, shipping 57.4 million units and holding a 20% market share. Apple followed closely in second place, shipping 50 million units and gaining a 17% market share. The strong initial demand for the iPhone 15 series with a USB-C upgrade contributed to Apple’s success. Xiaomi secured the third spot, shipping 41.5 million units and achieving a 2% annual growth, thanks to its strong performance in emerging markets.
OPPO, which includes OnePlus, secured the fourth position with 26.4 million units shipped, capturing a 9% market share. The TRANSSION Group, which includes Tecno, Infinix, and iTel brands, maintained its fifth position and shipped 26 million units, defending its position among the top five vendors.
As the holiday season approaches, the demand for fresh offerings in emerging markets is rising, propelling brands and channels forward. Xiaomi and the TRANSSION Group were the only brands among the top five to experience growth, maintaining their strong performance from the previous quarter.
Vendors in the market are actively seeking opportunities to solidify their presence in the premium market. However, the increasing options for foldable smartphones pose a challenge to Samsung’s current dominance in this market. OPPO strategically introduced the Find N3 and OnePlus Open models in different regions, showcasing Android brands’ ambition to capture the global foldable market.
Overall, with careful inventory management and strategic planning, the smartphone market is expected to see modest growth in the coming year. Vendors will need to navigate regional variations and evolving consumer demands to stay ahead of the competition.
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