China’s smartphone market on track to recover in 2024 as consumers eye upgrades, IDC report says
- Consumers are increasingly eyeing upgrades to models, and fierce rivalry among domestic brands will push vendors to launch more competitive products next year
- Competition has been intense since Huawei’s comeback in the high-end 5G segment with the Mate 60 Pro and the release of the iPhone 15 in September
China’s smartphone market is expected to bounce back in the fourth quarter of 2023 and continue its improving streak into next year, posting its first annual growth in three years, according to market forecasts released this week.
China, the world’s largest smartphone market, is expected to ship 287 million units in 2024, a 3.6 per cent year on year increase, driven by an improving macroeconomy and consumer appetite for better gadgets, according to a report released by IDC on Thursday.
It would be the first year-on-year growth in the market since 2021. Shipment volumes in the following years are expected to remain stable, IDC added.
Consumers are increasingly eyeing upgrades to models with more storage, and fierce rivalry among domestic smartphone brands will push vendors to launch more competitive products next year, according to IDC.
China’s smartphone industry has been under pressure in recent years due to weaker consumer demand from macroeconomic headwinds and Covid-related disruptions. However, it showed signs of recovery in the fourth quarter thanks to the attention around Huawei’s latest Mate 60 series and promotions during the Singles’ Day shopping festival in November.
Fourth-quarter smartphone shipment volumes in China are likely to grow for the first time in 10 quarters, according to IDC.