The latest report from the International Data Corporation (IDC) reveals a significant upturn in the global smartphone market, with shipments growing by 6.5% in the second quarter of 2024 compared to the same period last year. This is the fourth consecutive quarter of shipment growth, indicating a gradual recovery expected to solidify by the end of the year.
As expected, Samsung and Apple maintained their positions at the top of the market. All top 5 companies also reported increased shipments. The IDC attributes this positive trend to advancements in artificial intelligence (AI) and higher average selling prices, which have contributed to the smartphone market’s improvement from April to June 2024.
An IDC Research Director highlighted a significant “premiumization” within the market, noting that Samsung and Apple have reaped substantial benefits from the trend. On the other hand, Chinese manufacturers have seen increased shipments primarily in the low-end segment, putting pressure on their share in the mid-range market.
According to the IDC report, 19% of all smartphone shipments are projected to feature AI capabilities. This represents the fastest growth rate for any mobile innovation the IDC has recorded. The incorporation of AI is being seen as a pivotal growth driver, following on the heels of 5G technology and foldable devices.
While the growth in Q2 2024 can be partly attributed to the weak demand experienced in 2023, the upward trend remains encouraging.
As the global smartphone market edges towards recovery, the focus on AI innovation and premium product offerings is likely to shape the landscape moving forward. With the momentum building, industry stakeholders are optimistic about sustained growth and technological advancements in the coming months.