Canalys: Global smartphone market shipments reached 296.2 million units in the first quarter, a year-on-year increase of 10%

According to the latest report from Canalys, the global smartphone market is expected to grow by 10% year-on-year in the first quarter of 2024, reaching 296.2 million units. This growth, higher than expected, marks the first double-digit growth after ten quarters. The increase is attributed to manufacturers introducing new product lineups and the stabilization of the macroeconomic situation in emerging markets. With the push of the A series and early high-end product updates, Samsung has regained the leading position with shipments of 60 million units. Apple, facing challenges in core markets, experienced a double-digit decline in shipments to 48.7 million units, ranking second. Transsion and OPPO ranked in the top five with shipments of 28.6 million units and 25 million units respectively, with market shares of 10% and 8%. Canalys Senior Analyst Sanyam Chaurasia commented, "The release of the Samsung S24 marks a key moment for its AI and high-end strategy, potentially reshaping the industry landscape. Compared to the S23 released last year, Samsung launched the Galaxy S24 a month earlier, with shipments reaching 13.5 million units in the first quarter, a 35% year-on-year growth compared to the previous generation. The strong performance of the Galaxy S24 is attributed to the promotion of Galaxy AI, the enhancement of customer experience in large-scale retail stores, and optimized listing time strategies. This not only strengthens Samsung's position in the high-end market but also heralds the transformation of the smartphone industry towards AI-driven innovation. Samsung will leverage Galaxy AI to provide users with reasonable pricing strategies, consolidate high-end competitiveness, cultivate brand loyalty, and fully utilize its early development momentum." Analyst Runar Bjørhovde from Canalys stated, "Mass market brands are riding the wave of the rebound in emerging markets while cautiously stockpiling components. With the improvement of inventory situations, these brands have achieved strong performance by updating their product lineups. In the Middle East, Africa, and Latin America markets, Transsion achieved a strong growth of 86% driven by strong shipments of new models. It is worth noting that in addition to the stable development trend in emerging markets, manufacturers are also intensifying production and stockpiling raw materials to cope with further increases in Bill of Materials (BoM) costs. Manufacturers will closely monitor market demand and seek to pass on the rising costs to consumers, leading to an increase in Average Selling Price (ASP)." Chaurasia continued: "In 2024, manufacturers will remain cautious, focusing on profitability, inventory management, and supply chain optimization. At the same time, exploring the commercialization of the generative AI wave remains crucial for all participants in the ecosystem. The development of edge AI mobile solutions largely depends on strategic alliances between brands, chip suppliers, and software companies. Manufacturers will seek open collaboration with industry leaders to bring unique and personalized AI solutions to end users. In the long term, manufacturers will aim to introduce these AI capabilities to the mid-range market to attract more users to their native AI ecosystem. Furthermore, revenue potential can be enhanced through cross-device integration and ecosystem expansion with partners, highlighting the profound impact of edge AI on user experience and brand value."