Global smartphone shipments hit 285.4 million in Q2 2024
Data from the International Data Corporation (IDC) has revealed global smartphone shipments increased 6.5% year over year to 285.4 million units in the second quarter of 2024.
According to the preliminary report released on Monday, Samsung, which overtook Apple in Q1, maintained the top position in Q2 2024 with an 18.9% share of shipments.
This was boosted by its strategic focus on its flagships and a strong AI strategy.
Apple finished the quarter in second place with a 15.8% share with improved performance in China and other key regions. The leading companies both saw modest growth year over year.
Xiaomi placed third in 2Q24 with a 14.8% share while vivo and OPPO tied for the fourth position with 9.1% and 9.0%, respectively.
Smartphone market recovery
IDC noted that although the Q2 shipments marked the fourth consecutive quarter of shipment growth and built the momentum towards the expected recovery this year, demand has yet to come around in full and remains challenged in many markets.
“While recovery is well underway with the top 5 companies all making year-over-year gains, we are seeing increasing competition amongst the leaders and a polarization of price bands.
“As Apple and Samsung both continue to push the top of the market and benefit the most from the ongoing premiumization trend, many leading Chinese OEMs are increasing shipments in the low end in an attempt to capture volume share amidst weak demand. As a result, the share of mid-range devices is challenged,” said Research Director at IDC’s Worldwide Tracker team, Nabila Popal.
Popal, however, noted that there is lots of excitement in the smartphone market today thanks to higher average selling prices (ASPs) and the buzz created by Gen AI smartphones, which have been forecast to capture 19% of the market with 234 million shipments this year.
Expectations for the second half
IDC said it expects a very positive and interesting second half of the year with a tight race among the leading OEMs as competition increases.
Senior Research Manager for Client Devices at IDC Asia/Pacific, Will Wong, said the growth recorded in Q2 2024 continued to provide some relief to the OEMs, though it is partly supported by a low comparison base and the overall recovery is still at a soft pace.
“Some OEMs took a less aggressive move in 2Q24 amid the BOM costs pressure, which prompted the companies to refine the product specs or pricing to ensure profitability,” he said.
According to Wong, the second quarter is more like a prelude before more Gen AI smartphones are launched in the second half of the year, which would potentially be the next growth driver after 5G and foldable.
