📷 Image Credits: Investing.com
The global smartphone market saw a 6.5% increase in the second quarter of this year, fueled by leading tech giants Samsung Electronics and Apple, according to preliminary data from IDC. This growth marks the fourth consecutive quarter of expansion in smartphone shipments, as manufacturers leverage artificial intelligence to attract cost-conscious consumers and expand their market presence.
Samsung held the top position with an 18.9% share of shipments, followed closely by Apple at 15.8% and Xiaomi at 14.8%. The ongoing trend of premiumization in the market has been beneficial for Apple and Samsung, with the introduction of new AI features and high-end models capturing consumer interest.
IDC’s research director, Nabila Popal, highlighted the significant impact of higher average selling prices and the growing enthusiasm around AI-powered smartphones, projected to claim a 19% market share this year. While major Chinese OEMs are increasing their low-end shipments to gain volume share in a subdued demand environment, the mid-range segment faces challenges.
Apple recently revealed new AI capabilities for its iPhones at the developer conference, incorporating features powered by OpenAI’s ChatGPT. Similarly, Samsung unveiled its latest Galaxy fold and flip models along with new AI functionalities at the Galaxy Unpacked event.
With the competition intensifying in the smartphone market, the industry is witnessing a shift towards innovation and premium offerings to cater to evolving consumer preferences. As global demand continues to evolve, smartphone manufacturers are adapting their strategies to capture market share and meet the changing needs of consumers.
