Worldwide Smartphone Market Grows 4% YoY In Q3 2024 With 316.1 Million Units Shipments: IDC Report
The International Data Corporation yesterday revealed in a report that global smartphone shipments increased 4% YoY in the third quarter of this year with 316.1 million units being shipped.
As per Will Wong, senior research manager for AP Client Devices, “Led by strong growth from Chinese vendors like vivo, OPPO, Xiaomi, Lenovo, and Huawei, the smartphone market shows resilience despite global economic headwinds. Nevertheless, the growth among vendors was uneven – while some companies grappled with elevated Bill-of-Materials (BOM) costs, others benefited from favorable exchange rates in emerging markets like Southeast Asia. vivo’s performance was particularly notable, fueled by aggressive product launches and a low comparison base.”
IDC report also reveals the top 5 companies in the global market along with their YoY growth in the third quarter of this year.
Top 5 Companies in Global Markets in Q3 2024
Samsung is at the top position with 57.8 shipments in this quarter but the company witnessed a decline of 2.8% in its YoY growth. Apple secured the second position with 56.0 shipments and 3.5% YoY growth. Xiaomi and Oppo are in third and fourth positions with 3.3% and 5.9% YoY growth respectively. At the fifth spot is Vivo with 27.0 shipments, well the brand may be at the fifth position but among all the other top 5 companies, Vivo is the only brand to witness an amazing 22.8% YoY growth in this quarter.
The graph below showcases the market share of each brand
“While the growth of the Chinese players in emerging markets has been an ongoing theme this year, Apple also enjoyed a 3.5% YoY growth in shipments this quarter fueled by strong demand from the previous models and the launch of the new iPhone 16 lineup,” said Nabila Popal, research director for Worldwide Client Devices. Apple is expected to witness growth as many customers may soon want to shift to a new AI-enabled iPhone.
Talking about Samsung’s Q3 2024 results in the global market, “Samsung retained its market leadership despite a drop in the total number of units shipped. However, the company continues to grow its share in the premium segment as the average prices increased in the quarter driven by a stronger mix of Galaxy AI-enabled models,” said Francisco Jeronimo, vice president for EMEA Client Devices. “The company started rolling out Galaxy AI features to other Samsung models and launched the new Galaxy Z Fold6 and Galaxy Z Flip6 foldable with Galaxy AI, which contributed to a better performance in the premium segment.”
