What is going on here?
Global smartphone shipments rose 5% in the third quarter of 2024, driven by Apple’s record-setting performance in a fierce battle with Samsung and Xiaomi.
What does this mean?
The smartphone market is on the rise again tendencyrecorded four consecutive quarters of growth after significant stagnation. This resurgence is being driven by emerging markets and a wave of device replacements in North America, China, and Europe. Apple achieved record shipments in the third quarter and is closing in on leader Samsung, with the two companies holding an 18% share of global shipments. Xiaomi is not far behind with a 14% share, and competitive pressure remains high. The industry’s shift to premium models and the need to upgrade devices during the pandemic has boosted Apple’s position in the U.S. and European markets. With the scheduled launch of iPhone 16, Apple’s momentum is expected to continue from Q4 2024 to 2025.
Why should we care?
For the market: Competition fosters innovation.
As global smartphone shipments increase, competition among top players such as Apple, Samsung, and Xiaomi intensifies. Companies are leveraging cutting-edge AI capabilities to launch new models that captivate customers. consumer. This technological competition provides consumers with more advanced options, allows vendors to push boundaries, and can lead to continued industry innovation.
Big picture: The era of premium has arrived.
The preference for premium models signals a change in consumer behavior, with many opting for high-end devices. Apple’s shipment growth reflects this trend, capitalizing on brand reputation and customer loyalty. As new features and technologies increase the appeal of these devices, the global shift to premium models is likely to redefine industry standards and expectations and influence future economic and market conditions.
