Market research organization TechInsights released a report showing that China’s smartphone market saw a 1% growth year-over-year in Q1 2024. While it seems to be a very small improvement, it has ended an 11-quarter streak of annual declines. The recovery is reportedly driven by a normal product launch cycle and improvements in the supply chain.
According to the report, Oppo come on top with a market share of 16.9%. The second, third, and fourth positions are occupied by Honor, Huawei, and Vivo with market shares of 16.7%, 16.6%, and 16.1% respectively. Xiaomi ranked fifth with a market share of 15.0%, and Apple fell out of the top five with a market share of 13.7%.
According to the market research firm TechInsights, the top six smartphone manufacturers collectively accounted for 95.1% of the market share. This is up from 93.7% of the previous year, which indicates an increase in market concentration.
Reportedly, smaller smartphone manufacturers in the country are facing challenges inside their home country. It could be a reason behind Meizu shifting its focus from building traditional smartphones to developing AI hardware.
Speaking of the first three months of 2024, Honor and Huawei took first place with a close 17.1% and 17% market share respectively, according to reports from market research firm IDC. This is followed by Oppo, Apple, and Vivo that has market share of 15.7%, 15.6%, and 14.6% respectively.
Not to mention, Huawei is quickly regaining its lost position in the country and is also reportedly planning to expand its business outside the country amidst the US trade restrictions. While the business is not possible in the US, the company is still ‘booming’ in Europe.
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(Via)
