Global Smartphone Market Set for Modest Growth in 2024, Says Canalys Report
In a cautious outlook for 2024, the global smartphone market is expected to see modest growth as companies aim to rebuild their stock and prepare for a potential resurgence in demand. According to a recent report by Canalys, regional performance in the market is likely to vary due to regional conflicts and geopolitical tensions.
Lucas Zhong, a research analyst, advises vendors to remain flexible and adaptable in their strategies to capture growth opportunities in specific regions. Close monitoring of end demand in different regions is crucial for optimizing resource allocation and avoiding disruptions.
In a saturated market competition, vendors must continuously enhance their capabilities and focus on profit and product portfolio optimization, Zhong adds.
The report reveals that the global smartphone market experienced a slight decline of 1% in Q3, with vendors introducing new models following a healthy inventory level in Q2. Samsung maintained its position as the market leader, shipping 57.4 million units and capturing a 20% market share. Apple followed in second place with 50 million units shipped and a 17% market share, driven by strong initial demand for the iPhone 15 series with USB-C upgrade. Xiaomi secured the third spot by shipping 41.5 million units, experiencing a 2% annual growth due to strong performance in emerging markets. OPPO, including OnePlus, ranked fourth with 26.4 million units shipped and a 9% market share. The TRANSSION Group, consisting of Tecno, Infinix, and iTel brands, maintained its fifth position with 26 million units shipped.
As the holiday season approaches, rising demand for new offerings in emerging markets is propelling brands and channels forward, according to Sanyam Chaurasia, a senior analyst. Xiaomi and the TRANSSION Group were the only brands among the top five to experience growth in the previous quarter.
Vendors are now focused on solidifying their position in the premium market. However, the increasing availability of foldable smartphone options poses a challenge to Samsung’s current dominance in this market. OPPO has strategically introduced the Find N3 and OnePlus Open models in different regions, showcasing Android brands’ ambition to capture the global foldable market, Zhong concludes.
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