IDC Market Research Company reports an overview of the smartphone market in the first quarter of 2024, with a total delivery of 289.4 million units, representing a 7.8% increase compared to the same quarter in the previous year. This reflects that the smartphone market is still on the path to recovery, showing sustained growth in the third quarter.
Analysts at IDC noted that although the top 2 players, Samsung and Apple, have seen a reduction in the number of deliveries and market share, they still maintain strong figures compared to other competitors. This is because both brands dominate the high-end smartphone market fiercely. Consumer behavior has shifted towards accepting higher prices as they perceive top-tier smartphones to offer better value for money.
However, brands ranking 3-5 such as Xiaomi, Transsion, and OPPO have managed to increase their market share as smaller brands gradually exit the market. For instance, vivo and Huawei (in China) have also increased their market share significantly.
Source: IDC
TLDR: IDC reports a positive growth trend in the smartphone market for Q1 2024, with top players maintaining dominance in the high-end segment while smaller brands gain market share.
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