Canalys’ Southeast Asia smartphone market to grow 12% in Q1 2024

Canalys’ The latest market report on the Southeast Asian smartphone market shows a healthy 12% year-on-year growth in the first quarter of this year. Analysts say this is the first sign of recovery after a rather difficult 2023. Smartphone makers have sold 23.5 million units, but these are still below pre-2023 levels.

One of the key drivers of the first quarter success is Ramdan in some markets such as Indonesia and Malaysia, while other companies such as Transsion benefited from markets such as the Philippines and Indonesia where the sub-$100 segments saw a revival.

Canalys' Southeast Asia smartphone market to grow 12% in Q1 2024

Regardless, Samsung is still in the lead with a 19% market share, despite shipping volumes down 20% year-over-year. That’s to be expected, however, as the Korean tech giant is slowly shifting its strategy to a focus on the mid-range and high-end segments. It believes that the trend is for consumers to look for high-end smartphones in the near future.

Canalys' Southeast Asia smartphone market to grow 12% in Q1 2024

Transsion, with its sub-brands Infinix, Tecno and iTel, secures a comfortable second place with an 18% market share and an impressive 197% year-on-year growth. It even surpasses companies like Oppo and Xiaomi. The latter saw a significant 52% increase in sales in the quarter, while Oppo fell 12% year-on-year.

Canalys' Southeast Asia smartphone market to grow 12% in Q1 2024

Analysts are optimistic about the future, predicting overall market growth of around 4% by 2024, but future uncertainties surrounding fluctuating currencies, component costs and other volatile factors could hinder market growth. That’s why suppliers with an efficient supply chain and a healthy inventory will benefit from these conditions.

Source

Leave a Comment