According to statistics from IDC, the smartphone market continued to regain its form in the second quarter, with shipments increasing 6.5% over the same period last year.
Specifically, in a latest report, IDC said that the total number of smartphones sold in the second quarter worldwide increased by 6.5% compared to the second quarter of the previous year. Companies have seen smartphone sales growth for the fourth consecutive quarter and are looking towards an expected recovery later this year.
Samsung 's newly launched Galaxy Z Fold 6 and Galaxy Z Flip 6 series .
Samsung and Apple remain in the lead, and all top five smartphone brands increased shipments. IDC revealed that AI and higher average selling prices were the main reasons for the market improvement in the period from April to June 2024.
The market is experiencing a premiumization trend, and Apple and Samsung are benefiting the most from it, said IDC's research director. On the other hand, other manufacturers have seen an increase in shipments in the low-end segment, and as a result, their market share in the mid-range segment has faced more competition.
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The report claims that 19% of all smartphones will be smartphones with AI features. This is the fastest growth compared to any previous mobile innovation.
Growth in Q2 2024, while not as strong, is still encouraging. Some companies have decided to tweak product specifications or prices to ensure profitability. Experts expect AI to be the next growth driver for the smartphone market after 5G and foldable phones.