Global smartphone shipment hits 289.4m in Q1 2024, records 3rd consecutive quarterly growth

Global smartphone shipment continues to witness impressive growth as the first quarter of 2024 saw 289.4 million smartphones shipped across the world. This number represents a 7.8 per cent year-on-year increase as well as a third consecutive quarterly growth.

This is according to data from the International Data Corporation (IDC). According to the Corporation, the smartphone market is seeing a major shift powered by sharp increases from Chinese makers. Chief among these Chinese makers are Transsion and Xiaomi.

While Xiaomi reported a shipment of 40.8 million smartphones registering a 33.8 per cent growth, Transsion, on the other hand, witnessed the biggest growth in the quarter, shipping 28.5 million smartphones representing an astounding 84.9 per cent growth.

IDC Research Director, Nabila Popal, noted that the market was emerging from the turbulence of the last two years both stronger and changed. He went ahead to predict a continued growth in value and ASP’s as consumers opt for more expensive devices knowing they would hold onto their devices longer.

Samsung leads the pack despite flat smartphone shipment

The smartphone shipment may have recorded an impressive growth but the two major players, Samsung and Apple haven’t exactly had a fantastic quarter. Apple, for instance, witnessed a sharp 9.6 per cent decline in iPhone shipment, with a total of 50.1 million phones shipped in the quarter. 

Samsung continued its market dominance even though it recorded a flat 60.1 million smartphone shipments. This, however, meant the company gave up nearly 2 per cent of its market share, with 20.8 per cent, down from 22.5 per cent.

OPPO also witnessed an impressive quarter, shipping out 22.5 million units in the period under review and maintaining a global market share of 8.7 per cent.

Despite the impressive growth, IDC Worldwide’s Group Vice President of Mobility and Consumer Device Trackers, Ryan Reith noted that the smartphone industry is not completely out of the troubles that have bedeviled it over the past two years. He pointed out that many markets still present macroeconomic challenges. Yet the market appears to be on its way towards recovery.

“As expected, smartphone recovery continues to move forward with with market optimism slowly building among the top brands. While Apple managed to capture the top spot at the end of 2023, Samsung successfully reasserted itself as the leading smartphone provider in the first quarter,” Reith said.

He also maintained that while the IDC expects the two companies to maintain their hold on the high-end market, the resurgent of Huawei in China as well as notable gains from Xiaomi, Transsion, OPPO/OnePlus, and Vivo will likely have both Original Equipments Manufacturers (OEMs) looking for areas to expand and diversify. 

“As the recovery progresses, we are likely to see top companies gain share as the smaller brands struggle for positioning,” he said.

Nabila Popal further noted that the process would first involve the continued growth in value and average and average selling prices (ASPs) as consumers opt for more expensive devices knowing they will hold onto their devices longer.

Secondly, there will be a shift in power among the Top Five companies which will likely continue as market players adjust their strategy in a post-recovery world.