IDC: Smartphone market continues to regain ground in Q2, shipments up 6.5%

Smartphone shipments in Q2 2024 grew 6.5% on a yearly basis, revealed IDC in its latest report on the global market. Companies saw a fourth consecutive quarter of shipment growth and are building towards an expected recovery by the end of the year.

Samsung and Apple remained on top, and all Top 5 companies increased their shipments. IDC revealed that AI and higher average selling prices were the main reasons for the market's improvement between April and June 2024.

One IDC Research Director pointed out that the market is going through a premiumization trend, and Apple and Samsung have benefited the most from it. On the other end are Chinese makers that saw increased shipments in the low end, and as a result, their share in the mid-range is challenged.

The report claims that 19% of all shipments are forecasted to be smartphones with AI features, which is the fastest growth of any mobile innovation IDC has seen.

The growth in Q2 2024 is obviously on the back of the weak demand last year, but it's still encouraging to see it. Some companies have decided to refine product specs or pricing to ensure profitability, but the expectation is that everyone will push AI, which will be the next growth driver after 5G and foldables.

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