Tag: Smartphone Market

  • Canalys predicts global smartphone market to rebound in 2024

    Canalys predicts global smartphone market to rebound in 2024

    Global Smartphone Market Shows Signs of Recovery in 2024

    According to a report by Canalys, the global smartphone market is expected to show signs of recovery in 2024, with a projected year-over-year drop of only 5% in 2023. This stabilization is primarily attributed to the Middle East, Africa, and Latin America, which are expected to return to growth at rates of 9%, 3%, and 2% respectively in 2023.

    Positive Outlook Amidst Challenges

    Although smartphone shipments still remain over 20% below their peak in 2017, there is a silver lining. Consumers are now placing more value on their devices, with average selling prices exceeding US$440 (~Rs 36,600) as compared to US$332 in 2017.

    Emerging Markets as Catalysts for Growth

    Emerging markets, particularly in the Asia Pacific region, are projected to be the primary catalysts for the growth of the smartphone market. It is estimated that 33% of all new smartphones shipped in 2024 will be destined for this region.

    Optimistic Projections for the Future

    Canalys predicts that smartphone shipments may grow by 4% and reach 1.17 billion units in 2024. Furthermore, the global market is expected to ship 1.25 billion units in 2027, achieving a compound annual growth rate (CAGR) of 2.6% from 2023 to 2027.

    Regional Variances

    While North America is the only region expected to experience a decline in smartphone shipments in 2024, with a projected 6% drop, other key markets are forecasted to grow. The Asia Pacific region is anticipated to grow by 6%, while the Middle East and Africa are projected to grow by 7% and 5% respectively.

    In conclusion, the global smartphone market is poised for recovery in 2024, with emerging markets and increased consumer value driving growth. Despite the challenges faced, the market is expected to rebound and experience steady growth in the coming years.

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  • Realme, Poco, OnePlus, and Infinix Dominate Indian Smartphone Market in IDC Q3 2023 Report; Samsung Remains on Top

    Realme, Poco, OnePlus, and Infinix Dominate Indian Smartphone Market in IDC Q3 2023 Report; Samsung Remains on Top

    Indian Smartphone Market Sees Modest Growth in Q3 2023

    The International Data Corporation (IDC) has recently released its survey for the third quarter of 2023, providing insights into the Indian smartphone market. The data reveals that the overall shipments in Q3 2023 witnessed a modest 0.4 percent year-over-year increase.

    Top Smartphone Brands in Q3 2023

    According to the IDC report, Samsung retained its position as the leading vendor in the Indian market with a 16.2 percent market share. Realme closely followed with a market share of 15.1 percent. Vivo and Xiaomi secured the third and fourth spots, respectively, with market shares of 13.9 percent and 11.7 percent.

    Oppo, OnePlus, and Poco experienced substantial year-over-year growth, securing market shares of 9.9 percent, 6.2 percent, and 5.7 percent, respectively. Apple, Infinix, and Tecno demonstrated moderate growth, claiming market shares of 5.5 percent, 3.1 percent, and 2.9 percent, respectively. The remaining market share of 9.8 percent belonged to various other smartphone brands.

    Key Takeaways from IDC Q3 2023 Report

    The data from the IDC report provides several key takeaways for the Indian smartphone market. While Samsung remains the top player, it experienced a slight dip in market share compared to the previous year. In Q3 2022, Samsung held an 18.5 percent market share, which decreased to 16.2 percent in Q3 2023.

    Realme stands out as the fastest-growing vendor, with an impressive year-over-year increase of 6.5 percent in market share. On the other hand, Xiaomi and Oppo, although still significant players, witnessed a decrease in their market shares in Q3 2023.

    In contrast, OnePlus and Poco are experiencing robust growth, with a 50.1 percent and 50.8 percent year-over-year increase, respectively. This growth highlights the popularity and demand for their smartphones in the Indian market.

    Apple, Infinix, and Tecno continue to demonstrate steady growth and maintain their importance in the market. These brands have managed to capture a certain market share and are expected to continue their positive trajectory.

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