Global smartphone shipments increased by 11% in the first quarter of 2024, Samsung regained the first place

According to a report released by Canalys, global smartphone shipments increased by 11% year-on-year in the first quarter of 2024. Among them, Samsung regained the first place with a market share of 20% with its Galaxy AI strategy, Apple ranked second with 16% and faced market competition; Xiaomi occupied 14% share with the strong performance of Redmi A3, ranking third. Transsion and OPPO ranked fourth and fifth with 10% and 8% shares respectively.

Analyst Zhou Lexuan pointed out that the global smartphone market recovered in the first quarter, which has improved compared with the economic pressure and downturn in the same period in 2023. Manufacturers are taking advantage of economic recovery, new product launches and increased promotion efforts to seize the opportunity of market rebound and promote flagship products and ecological layouts with advanced AI functions to activate the market. Apple is expected to reveal its AI strategy within the year to promote high-end product innovation and ecological development.

Zhou Lexuan further analyzed that the market is showing obvious low-end saturation and high-end competition intensifying trends. The Samsung S24 series has benefited from the promotion of Galaxy AI to surpass, while Xiaomi, Transsion, etc. Brands are actively deploying new products to seize the entry-level market. Vivo, OPPO and Samsung are focusing on the high-end market and increasing marketing investment to seek new growth points. Manufacturers are focusing on developing regions such as Latin America and Southeast Asia, aiming at the market demand brought about by the growth of the middle class. In particular, consumer demand for high-end models has grown significantly.

Another analyst Zhong Xiaolei reminded that despite the optimistic market outlook, smartphone manufacturers must pay attention to inventory status and manage inventories prudently to avoid excess and ensure financial stability amid the lingering risk of inflation in the global economy. Canalys predicts that there will be inventory adjustments in the second quarter of 2024, and channel vendors will focus on clearing early inventory to make way for new products in the second half of the year, in order to achieve more stable growth.

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