Market analysis company TechInsights has published a study revealing a 1% increase in China's smartphone market during Q1 2024 compared to the previous year. This slight growth marks a significant development as it breaks an 11-quarter trend of annual declines. The positive shift is attributed to a regular product launch cycle and enhancements in the supply chain.
Market Share Distribution
In terms of market share, Oppo secured the top spot with 16.9%, followed closely by Honor, Huawei, and Vivo with market shares of 16.7%, 16.6%, and 16.1% respectively. Xiaomi claimed the fifth position with a 15.0% market share, while Apple dropped out of the top five with a share of 13.7%.
Concentration of Market Share
TechInsights reports that the leading six smartphone manufacturers collectively held 95.1% of the market share, up from 93.7% in the previous year. This growth indicates a rise in market concentration among the top players.
Challenges for Smaller Manufacturers
Smaller smartphone companies within China are encountering difficulties domestically. This challenge might explain why Meizu is transitioning its focus from traditional smartphone production to AI hardware development.
Market Leaders in Q1 2024
During the initial three months of 2024, Honor and Huawei claimed the top spots with market shares of 17.1% and 17% respectively, as per IDC reports. Following closely were Oppo, Apple, and Vivo with market shares of 15.7%, 15.6%, and 14.6% respectively.
Huawei's Resurgence
Huawei is swiftly reclaiming its market position within China and is reportedly looking to expand its operations beyond the country, especially in light of the US trade restrictions. Despite limitations in the US market, the company continues to thrive in Europe.
