Title: Global Smartphone Market to Witness Modest Growth in 2024, Says Canalys Report
The global smartphone market is expected to experience modest growth in the coming year, as companies focus on rebuilding their inventory levels and preparing for a potential demand resurgence. A recent report by Canalys highlights that regional performance will be impacted by regional conflicts and geopolitical tensions.
Lucas Zhong, a research analyst, emphasizes the importance for vendors to remain flexible and adaptable in their strategies to seize growth opportunities in specific regions. He also urges close monitoring of end demand in different regions to optimize resource allocation and avoid disruptions.
In a saturated market competition, vendors must continually enhance their capabilities and prioritize profit and product portfolio optimization, according to Zhong. 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 retained the top spot in the market, shipping 57.4 million units and capturing a 20% market share. Apple followed closely behind 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 position, shipping 41.5 million units and achieving 2% annual growth, thanks to its performance in emerging markets. OPPO (including OnePlus) ranked fourth with 26.4 million units shipped, capturing a 9% market share. The TRANSSION Group (including Tecno, Infinix, and itel brands) maintained its fifth position with 26 million units shipped.
Sanyam Chaurasia, a senior analyst, highlights the rising demand for new offerings in emerging markets, driving brands and channels forward 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.
Vendors are actively seeking opportunities to solidify their position in the premium market. However, the increasing availability of foldable smartphones presents a challenge to Samsung’s dominance in this market. Zhong mentions that OPPO strategically introduced the Find N3 and OnePlus Open models in different regions, showcasing Android brands’ ambition to capture the global foldable market.
As the smartphone industry enters 2024, companies will need to navigate regional challenges and leverage emerging market opportunities to stay ahead in the highly competitive landscape. By remaining adaptable and innovative, vendors can position themselves for success while meeting the evolving demands of consumers worldwide.
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