Canalys: Global smartphone market grew 5% YoY in Q3, Apple (AAPL.US) shipments hit record high for the same period
Canalys said that global smartphone shipments grew 5% YoY in Q3 2024, marking four consecutive quarters of growth, driven by strong demand in emerging economies and the early stages of the upgrade cycle in North America, China, and Europe. Samsung's smartphone shipments accounted for 18% of the global market, edging out Apple by a narrow margin to take the top spot. Apple's (AAPL.US) market share stood at 18%, ranking second. With strong growth in India and Latin America, OPPO returned to the fourth position for the first time this year with a 9% market share. Vivo also entered the top five with a double-digit growth rate and a 9% market share.
Canalys analyst Runar Bj rhovde emphasized that "Apple's shipments in Q3 2024 reached the highest level in the same period in history, and it has never been so close to the top spot in global shipments. Strong demand for the iPhone 15 series and older models contributed significantly to its performance in Q3. The shift in demand towards high-end devices, coupled with devices purchased during the pandemic entering the upgrade cycle, have all contributed to Apple's success, especially in North America and Europe. Apple's efforts to diversify its product portfolio also helped it shorten its delivery times. Although the initial reaction was lukewarm, Apple Intelligence's expansion into new markets and support for more languages is expected to help Apple maintain strong growth in 2024 and carry its momentum into the first half of 2025."
Canalys analyst Le Xuan Chiew commented that "The gap between the top five vendors has narrowed, and the competition is becoming more intense. Vendors are meeting the holiday shopping season with a steady pace and cautious optimism, aiming to attract consumers who delayed upgrading their devices due to major promotions such as Double 11 and Black Friday. However, we still emphasize the importance of effective resource planning. Although market conditions are improving, the recovery in demand remains fragile, and vendors face increasing global challenges and regulatory hurdles in creating demand, such as the EU's Eco-design Directive. Effective supply chain management, maintaining healthy inventory levels, and optimizing sales and marketing investments are becoming increasingly important for vendors to solidify their market leadership."