Will Xiaomi also see this kind of growth for its EV soon or should it stick to smartphones?
During the initial quarter of 2024, the global smartphone market experienced a notable surge, as evidenced by a robust 7.8 percent increase in shipments, reaching a substantial total of 289.4 million units compared to the previous year. This is the kind of growth in sales many companies love to see but will the brand continue to see such growth in the following years?
Moreover, these figures, sourced from the esteemed market intelligence firm IDC, underscore a significant rebound for the smartphone industry, marking the third consecutive quarter of growth following a period of adversity, as aptly depicted in the comprehensive report. In the fiercely competitive landscape of the smartphone market, several key players have emerged as frontrunners.
Foremost among these brands is Samsung, asserting its dominance with an impressive 20.8 percent market share. Apple follows closely behind, securing a substantial 17.3 percent share of the market. Trailing these giants are Xiaomi, boasting a commendable 14.1 percent share, Transsion with a notable 9.9 percent, and Oppo, capturing an 8.7 percent market share.
Also noteworthy is Xiaomi’s outstanding performance, with a remarkable shipment volume of 40.8 million units, reflecting an impressive 33.8 percent year-on-year surge. This surge serves as a testament to the brand’s escalating influence and popularity on the global stage. While the brand still has a long way to go to be number one, it is doing a good job so far.
On top of that, equally remarkable is Transsion’s stellar performance, with shipments totaling 28.5 million units, marking an astounding 84.9 percent surge compared to the previous year. However, amidst this wave of success, Oppo encountered a setback, experiencing a decline in shipments totaling 25.2 million units, marking an 8.5 percent decrease year-on-year.
This decline underscores the challenges faced by even established players in an increasingly competitive market landscape, serving as a reminder of the dynamic nature of the industry. It is far from being a cause for concern now but given time, this decline could snowball and lead to an alarming trend in the smartphone industry.
In conclusion, the surge in global smartphone shipments during the initial quarter of 2024 paints a promising picture for the industry at large. With key players adeptly navigating challenges and seizing opportunities, the stage is set for continued growth and innovation in the ever-evolving smartphone market.
