Oct 14 – Global smartphone shipments grew 5% in the third quarter of 2024, driven by persistent demand in emerging economies and the start of a replacement cycle in North America, China and Europe, underpinning a recovery in the market after a prolonged slump.
The July-September quarter marked the fourth consecutive quarter of growth in the smartphone market, research firm Canalys said in a report on Monday.
Apple reached record high third-quarter shipments, backed by strong demand for its older models, the report added. WHY IT’S IMPORTANT
The smartphone market has been recovering as a series of artificial intelligence features and new releases prompt users to replace their devices after a months-long downturn following the pandemic.
Smartphone providers such as Apple and Samsung as well as various chipmakers have pinned high hopes on the market’s resurgence amid intense competition. KEY QUOTES
“Apple achieved its highest third-quarter volume to date and has never been closer to leading the global smartphone market in a Q3 than now,” said Runar Bjørhovde, analyst at Canalys.
“The gap between the top five vendors has narrowed, intensifying the competitive landscape,” Canalys analyst Le Xuan Chiew said.
A shift towards premium models, along with an ongoing refresh cycle of devices purchased during the pandemic, is benefiting Apple, particularly in regions such as North America and Europe, Canalys said.
The new iPhone 16 is also expected to help Apple’s sales in the fourth quarter and drive momentum into the first half of 2025.
Samsung accounted for 18% of total smartphone shipments in the third quarter, narrowly defending its lead on Apple. iPhones made up 18% of shipments.
Xiaomi maintained its position as the third-largest smartphone vendor with 14% market share. GRAPHIC
(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Shreya Biswas)
