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Global smartphone market prepares for cautious growth in 2024: Report

The global smartphone market grapples with regional conflicts and fierce competition. This scenario underscores the importance of adaptability and resilience for long-term growth. Smartphone manufacturers remain committed to delivering top-notch products, focusing on emerging markets.

Edited By: Saumya Nigam @snigam04 New Delhi Published on: October 29, 2023 18:12 IST
global smartphone market, tech news, india tv tech
Image Source : FILE Global smartphone market prepares for cautious growth in 2024: Report

The global smartphone market is expected to experience measured growth in 2024. Companies are finishing this year with healthier inventory levels, allowing them to rebuild stock in anticipation of potential demand surges.

Regional Variations Due to Conflicts and Tensions

Canalys, in a report, noted that regional performance will diverge due to ongoing conflicts and geopolitical tensions. It advised smartphone vendors to maintain flexibility and adaptability in their strategies, enabling them to capitalize on growth opportunities in specific regions. The report stressed the importance of closely monitoring end demand in various regions to optimize resource allocation and prevent disruptions.

Competitive Market Necessitates Continuous Improvement

In the fiercely competitive market, smartphone vendors are urged to enhance their capabilities continuously. Profit and product portfolio optimization are key focus areas for remaining competitive.

Q3 Saw a Slight Dip in Global Smartphone Shipments

During Q3, the global smartphone market witnessed a minor 1% decline, with vendors introducing new models after a robust Q2. Samsung retained the top spot by shipping 57.4 million units, securing a 20% market share. Apple followed closely, shipping 50 million units, gaining a 17% market share. The strong initial demand for the iPhone 15 series, featuring a USB-C upgrade, contributed to Apple's performance. Xiaomi took third place, shipping 41.5 million units, with a 2% annual growth rate, primarily due to its success in emerging markets. OPPO (including OnePlus) secured the fourth position with 26.4 million units, capturing 9% of the market. The TRANSSION Group, consisting of Tecno, Infinix, and iTel brands, maintained its fifth position by shipping 26 million units.

Emerging Markets Drive Growth

Rising demand for new offerings in emerging markets is driving brands and channels forward, particularly as the holiday season approaches. Xiaomi and the TRANSSION Group were the only brands among the top five to experience growth in the previous quarter.

Foldable Smartphone Challenge

The proliferation of foldable smartphones poses a challenge to Samsung's dominance in this segment. Companies like OPPO are introducing models like the Find N3 and OnePlus Open in various regions, reflecting Android brands' ambitions to capture the global foldable market.

As the global smartphone market readies for a cautious 2024, the industry faces the complexities of regional conflicts and competitive dynamics, making adaptability and resilience critical for sustained growth. Smartphone vendors continue to strive for excellence in product offerings, targeting both emerging markets and the growing premium segment.

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Inputs from IANS

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