Global smartphone market to witness modest growth in 2024: report
global smartphone market is likely to witness modest growth in a cautious-looking 2024, as various companies will close this year with a relatively healthier inventory level, providing space to rebuild their stock in preparation for a potential demand resurgence.
According to a Canalys report, Regional performance is expected to diverge due to regional conflicts and geopolitical tensions.
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Offering CollegeCourseWebsiteIIM KozhikodeIIMK Advanced Data Science For ManagersVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisit«Vendors should remain flexible and adaptable in their strategies to seize growth opportunities in specific regions. Additionally, close monitoring of end demand in different regions is needed to strategically optimise resource allocation and avoid disruptions,» said Lucas Zhong, research analyst.
In the saturated market competition, vendors must continuously enhance their capabilities and focus on profit and product portfolio optimisation, he added.
The global smartphone market fell slightly by 1% to 293.4 million units in Q3 with vendors pushing new models following a healthy inventory level in Q2.
Samsung held the pole position and shipped 57.4 million units with a 20% market share.
Apple followed in second place, shipping 50 million units and gaining 17% market share, driven by strong initial demand for the iPhone 15 series with USB-C upgrade.
Xiaomi took third place, shipping 41.5 million units, achieving an annual growth of 2%, owing to strong performance in emerging markets.
Oppo (including Oneplus) secured the fourth
