Towards a long-term smartphone market recovery?

Global smartphone shipments rose by 7.8% year over year in Q1 2024

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Global smartphone shipments rose by 7.8% year over year to 289.4 million units in Q1 2024 as per a recent IDC report, signaling a third consecutive quarter of growth and suggesting a recovery in the industry.

Here are a few key points:

• Samsung regained its status as the top smartphone provider, surpassing Apple.

• While Apple and Samsung are expected to maintain their dominance in the high-end market, other companies like Huawei, Xiaomi, Transsion, OPPO/OnePlus, and vivo are gaining ground.

• Xiaomi and Transsion have seen significant growth, while Apple and Samsung experienced negative growth.

• The market is witnessing an increase in average selling prices as consumers opt for more expensive devices and hold onto them longer.

Can the market sustain this momentum? Perhaps, yet macroeconomic challenges remain in many countries. Hence I’d be cautious with any forecasting.

Image credit: IDC

Things I’m reading today

Adobe indicates that it is in the initial phases of creating a method for Premiere Pro users to access AI models from OpenAI, Runway, and Pika Labs to generate and utilize video content (Via Adobe)

The US grants Samsung up to $6.4 billion in CHIPS Act funding and announces the company's intention to manufacture 2nm chips at its Taylor, Texas plant by 2026, surpassing TSMC's timeline by two years (Via Leah Douglas and Alexandra Alper/Reuters)

Image credit: Image Creator from Microsoft Designer/DALL.E