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Global Cellular IoT Module Market Shows Early Signs of Recovery

Global cellular IoT module shipments grew 7% YoY in Q1 2024.
Quectel led the market followed by Fibocom and China Mobile.
Quectel, Fibocom and China Mobile were the leading module players, collectively holding a 50% market share in Q1 2024.
For markets excluding China, the top three vendors were Quectel, Telit Cinterion and Fibocom.

Seoul, Beijing, Buenos Aires, Hong Kong, London, New Delhi, San Diego, Taipei, Tokyo – June 24, 2024

Global cellular IoT module shipments grew 7% YoY in Q1 2024, according to Counterpoint’s latest ‘Global Cellular IoT Module and Chipset Tracker by Application’ report. The growth was driven primarily by demand in China and India. The rest of the markets were still facing inventory and demand challenges.

Commenting on the market’s dynamics, Associate Director Mohit Agrawal said, “China and India registered positive growth driven by the good performance of smart meter, POS, asset tracker and router/CPE segments. The market excluding China witnessed a decline of 2% YoY due to low demand and inventory buildup at the customer end. In terms of technology, 4G Cat 1 bis kept its momentum going by capturing one-third of the market. There is a technology transition underway in China with Cat 1 bis gaining share from NB-IoT and Cat 1 due to reduced price differential between Cat 1 bis and NB-IoT.”

Agrawal added, “The demand for cellular IoT in applications such as smart utilities, router/CPE, automotive, and asset tracking remained healthy during the quarter. However, the demand for cellular modules across retail, healthcare and industrial verticals continued to remain subdued.”

Quectel, Fibocom and China Mobile were the leading module players, collectively holding half of the global market in Q1 2024. In markets excluding China, Telit Cinterion jumped to the second spot, though Quectel remained the leader by a wide margin.
Fibocom experienced impressive growth in Q1 2024, reaching a new high for a quarterly shipment. Its presence in the router/CPE and telematics segments helped Fibocom enter the top-three list for the international market excluding China.
China Mobile saw double-digit YoY growth driven by smart meters, asset trackers and POS applications.
Chinese vendors like Neoway, Lierda and Unionman have grown significantly in some key applications like smart meter, asset tracking and POS.

Commenting on the market outlook, Research Analyst Hanumant Pawar said, “The global cellular IoT module market is expected to partially recover by the second half of this year with normalizing inventory levels following improved demand situation. The IoT module market is expected to rebound completely by 2025, complemented by the widespread adoption of affordable 5G RedCap modules, especially in China. Subsidies from the Chinese government will drive the adoption of 5G in the IoT module market. It is projected that IoT module shipments will grow at a compound annual growth rate (CAGR) of 9% between 2023 and 2030.”

For detailed research, refer to the following reports available for subscribers:

Counterpoint’s ‘Global Cellular IoT Module and Chipset Tracker by Application, Q1 2024’ tracks 1,500+ IoT module SKUs on a quarterly basis and provides forecasts on shipments, revenues and ASP performances for 80+ IoT module vendors, 12+ chipset players and 18+ IoT applications across 10 major geographies.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the technology, media and telecom (TMT) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

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Strong Memory Demand, Increased Shipments to China Limit Revenue Decline of Top 5 Wafer Fab Equipment Makers in Q1 2024

Increased revenue from the memory end-market in Q1 2024 offset the overall revenue decline.
From the regional perspective, increased sales to China offset broader revenue declines in other regions.
Q1 2024 earnings indicate WFE manufacturers’ revenue bottoming out during the quarter.
The revenue is expected to record sequential growth in the coming quarters.
We expect healthy growth for DRAM and NAND in H2 to drive revenue growth for tool makers.
For the full year of 2024, the revenue is expected to grow at 4% as compared to 2023.

Seoul, Beijing, Boston, Buenos Aires, Fort Collins, Hong Kong, London, New Delhi, Taipei, Tokyo – June 20, 2024

The world’s top-five wafer fab equipment (WFE) manufacturers’ revenue decreased 9% YoY in Q1 2024 due to delayed customer investments in leading-edge semiconductors, which were offset to some extent by strong DRAM demand. Among these top five, ASML and Tokyo Electron’s revenues declined 21% YoY and 14% YoY respectively. Applied Materials, Lam Research and KLA’s revenues declined in low single digits when compared to 2023.

However, when compared to the previous quarter, ASML’s revenue declined 26% while KLA’s revenue declined 5% on account of customer capacity adjustment in the advanced node. Applied Materials and Lam Research’s revenues were flat QoQ while Tokyo Electron delivered a revenue increase of 18% due to strong demand from both DRAM and NAND.

The top five WFE manufacturers’ revenue from China grew 116% YoY in Q1 2024, primarily due to increased DRAM shipments to the country. Strong demand from mid-critical and mature nodes across applications including IoT, automotive and 5G will likely continue for the rest of the year.

The top five WFE manufacturers’ memory revenue increased 33% YoY in Q1 2024 due to increased NAND spending and strong DRAM demand from the growing popularity of AI. Revenues from the foundry segment declined 29% YoY due to delayed customer investments in leading-edge semiconductors.

Wafer Fab Equipment Manufacturers: Q1 2024 Performance and 2024 Outlook

Senior Analyst Ashwath Rao said, “Revenue from memory increased significantly in Q1 2024, indicating the start of a turnaround in this segment and a stronger recovery in H2 2024. Despite short-term market uncertainties, we expect the recovery to continue in Q2 and likely pick up in H2. Though the Q1 order intake saw a decline from the previous quarter, we expect it to be healthy in the coming quarters on account of the recent US subsidies and ramp-up of 2nm technology in 2025. Looking ahead, AI is turning into a healthy technology transition and a top priority for chipmakers. AI adoption in PCs, smartphones and servers will drive revenue growth for tool makers, while strategic investments may lead to slight gross margin adjustments in 2024. This sets the stage for a robust rebound in 2025 as the industry stabilizes.”

On the Chinese market, Rao said, “Increased sales to China in Q1 2024 offset revenue decline from other regions. China has been spending more on DUV equipment also to use it creatively for some leading nodes with techniques such as multi-patterning.” Chinese chipmakers’ focus currently lies in advancing the country’s chip manufacturing capabilities and fostering technological independence from external controls and Western suppliers.

2024 full-year revenue is forecast to grow at 4% compared to 2023, while the YoY revenue increase for 2025 is expected to be in double digits, with growth driven by capacity increases in leading-edge logic and foundry, applications including generative AI and high-performance computing (HPC), and the recovery in end-demand for chips.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

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Colombia’s Q1 2024 Smartphone Shipments Grew 27% YoY, Highest Since Q2 2022

Samsung lost nearly half of its market share YoY but still remained the market leader with a 22% share.
Motorola grew the most by taking 60% share of the overall market growth to reach a 16% market share in Q1 2024.
OPPO and Xiaomi’s shipments grew 41% and 40% YoY respectively during the quarter.
TECNO managed to enter the list of top five brands by taking a 10% market share in Q1 2024.

Bogota, Beijing, Boston, Buenos Aires, Hong Kong, London, New Delhi, San Diego, Seoul, Taipei, Tokyo – June 12, 2024

Colombia’s Q1 2024 smartphone shipments grew 27% YoY, according to the latest report from Counterpoint Research’s Market Monitor service. Samsung lost nearly half of its market share YoY but still remained the market leader with a 22% share. Samsung was followed by Motorola and Xiaomi. Motorola grew the most by taking 60% share of the overall market growth to reach a 16% market share in Q1 2024. TECNO managed to enter the list of top five brands for the first time by taking a 10% market share in Q1 2024.

Commenting on the market dynamics, Research Analyst Andres Silva said, “This quarter’s YoY shipment growth reflects a base effect because the overall volume was quite low a year ago. Also, market concentration has eased in the country as new entrants like TECNO are gaining share even as recognized brands like Samsung are struggling. Carriers have also launched their 5G services and devices along the way. We see the Q1 2024 shipment volume as a sign of channel inventory build-up for Mother’s Day.”

In QoQ terms, smartphone shipments rose by 29%, surpassing the usual holiday season surge seen in Q4. The Colombian peso also steadied between 3,800 and 3,900 per US dollar, providing importers a more stable exchange rate. Simultaneously, inflation decreased as the central bank rate cuts started to impact the economy.

Key insights on top OEMs in Q1 2024:

Samsung’s shipments declined 28% YoY even as the overall market grew. The brand’s entry-level Galaxy A05 series failed to match the demand seen by its predecessor. Samsung users are moving to higher price bands, taking advantage of the affordable prices of the Galaxy A14 and A15 series.
Xiaomi continued to grow in the carrier channel. The Redmi Note 12S demand surpassed that for the Redmi Note 11S while the Redmi 13C became the best-selling model for the brand. In the open channel, the Redmi Note 13’s 4G version drove the brand’s growth.
Motorola’s 5G shipments took a hit after an import ban in December 2023. Nonetheless, to compete in the country, the brand focused its Q1 2024 sell-in on the $150-$249 price band.
OPPO’s A38 and A58 shipments improved the Chinese brand’s market share by 1%.
TECNO took advantage of Samsung’s lack of entry-level model updates by shipping the Spark 20C in that price segment. TECNO’s growth during the quarter was driven by the offline and open channels.

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Samsung Powers Germany’s Q1 2024 Smartphone Market Turnaround

Germany’s Q1 2024 smartphone shipments grew 13% YoY, ending its eight-quarter streak of YoY declines
Driver: Samsung was the key driver, rising 32% YoY to account for three-quarters of market growth
Driver: Google’s shipments more than doubled as the company strives to grow its Europe business
Driver: Apple’s growth was modest, but product mix improved significantly
Outlook: Continued overall growth expected in 2024 although in low-single digits

London, New Delhi, Jakarta, Boston, Toronto, Beijing, Taipei, Seoul – June 12, 2024

Germany’s smartphone shipments rose 13% YoY in Q1 2024, as the market finally returned to growth after eight consecutive quarters of decline, according to Counterpoint Research’s Q1 2024 Market Monitor Shipment Tracker. This is Germany’s first quarterly YoY increase in shipments since Q3 2021, suggesting a turning point in the market.

Commenting on the market dynamics, Associate Director Jan Stryjak said, “Samsung was by far the biggest driver for growth in the first quarter, largely due to the launch of the well-received Galaxy S24 series. The older A-Series and Xcover models also supported shipment growth.”

“There were similar dynamics with Google too, with older model Pixel 7 series devices accounting for much of the brand’s growth. Q1 2024 was a fantastic quarter for Google, as its shipments more than doubled over the year to lock in its number four ranking.”

Apple’s growth was muted in Q1 2024 but its product mix was much improved, with a significantly higher share of Pro models shipped during the quarter.

Stryjak added, “OPPO struggled as patent issues hurt its business, but settlements with Nokia are paving the way for its return – although mostly via its sister brand OnePlus.”

Germany is likely to continue growing this year, although in single digits, as the economy improves and dovetails with possible pent-up demand driving replacement cycles.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media, and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects, and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Follow Counterpoint Research

press(at)counterpointresearch.com

Survey: realme Most Popular Smartphone Brand Among Indian Youth

“Value for money” and “latest technology” are the top parameters people in India focus on when purchasing a smartphone, with 25% and 18% of the respondents opting for these parameters, respectively.
realme (58%), Xiaomi (54%) and vivo (53%) were the top-rated in terms of popularity among the youth (16-25 age group).
“Young”, “Modern” and “Playful” are the most popular words used to describe realme.
realme leads among the youth in offering latest technology (62%), value for money (63%) and stylish design (61%) in the sub-INR 20,000 price segment. realme is followed by Xiaomi on these parameters but with a big gap.

New Delhi, Beijing, Boston, Buenos Aires, Fort Collins, Hong Kong, London, Seoul, Taipei, Tokyo – June 12, 2024

Value for money (25%) and latest technology (18%) are the top parameters people in India focus on when purchasing a smartphone, according to a consumer survey conducted by Counterpoint Research. The survey also reveals that realme is the most popular smartphone brand among India’s youth, with 58% of the respondents in the 16-25 age group voting for it. The most common words with which realme is associated are “young”, “modern” and “playful”, reflecting realme’s popularity among India’s young smartphone users. realme is followed by Xiaomi (54%) and vivo (53%).

Examining the primary considerations of Indian smartphone buyers, the survey reveals that one-quarter of respondents emphasize “value for money” as a crucial factor, closely followed by “latest technology” at 18%. Further, realme emerges as the standout performer on these two parameters in the sub-INR 20,000 price bracket, particularly among the youth.

Source: India Smartphone Consumer Survey, Counterpoint Research

Commenting on smartphone brand popularity among the youth, Senior Analyst Arushi Chawla said, “The young generation approaches its smartphone purchases with strong enthusiasm. It prioritizes latest technologies, value for money and stylish designs. In India, where approximately 60% of the smartphone market falls in the sub-INR 20,000 price range, realme has established a robust position across all these three key parameters – latest technology (62%), value for money (63%) and stylish design (61%). realme is followed by Xiaomi on these parameters but with a big gap.”

Commenting on realme’s global positioning, Director Tarun Pathak said, “realme has established a strong global footprint, especially within the younger demographic. According to Counterpoint’s latest consumer surveys, realme is popular among Indonesia’s young smartphone consumers, while the brand is known for its product quality in Bangladesh. Around the world, realme has been praised for catering to young smartphone users by tailoring its strategies, product designs and pricing to their preferences.”

Disclaimer

This survey, commissioned by realme India, aimed to understand perceptions and opinions about smartphone brands among youth. Counterpoint Research conducted the survey across India, reaching over 1,000 respondents with questions in English. Online channels were used to gather insights from smartphone users aged 16 and above. We anticipate the results to be accurate within +/- 4%.

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Survey: Amazon.in Most Trusted Destination for Buying Smartphones in India

Four out of every five or 80% of the respondents consider the channel of purchase an important factor in buying smartphones.
Amazon.in (38%) was the leading choice for current smartphone purchase, followed by Flipkart (25%) and offline mobile brand showrooms (18%).
Among those respondents who made their current smartphone purchase at Amazon.in, 30% cited trust as the primary reason for selecting the platform, the highest percentage across both online and offline platforms.
47% of the survey respondents prefer online platforms for their next smartphone purchase, while 41% are open to both online and offline.

New Delhi, Beijing, Boston, Buenos Aires, Fort Collins, Hong Kong, London, Seoul, Taipei, Tokyo – June 11, 2024

Amazon.in is the most trusted destination for buying smartphones in India, according to a recent consumer survey conducted by Counterpoint Research in the country. Among those respondents who made their current smartphone purchase at Amazon.in, 30% cited trust as the primary reason for selecting the platform, the highest percentage across both online and offline platforms.

The survey was conducted to understand the importance of channel selection (whether offline or online) for smartphone purchases. In all, 1,000 responses were collected online from smartphone users aged 16 and above. The responses were heterogeneous, collected across genders, age groups, monthly incomes, occupations, and Tier 1 and other cities. Besides examining the respondents’ current smartphone purchase channel and the factors influencing this decision, the survey also tried to understand their channel preference for future purchases and the influencing factors.

As many as 38% of the survey respondents preferred Amazon.in for their current smartphone purchase, followed by Flipkart at 25% and mobile brand showrooms at 18%. Further, the channel of purchase is considered important (“important” to “very important”) by four out of every five respondents when it comes to buying smartphones.

Trust emerged as a pivotal consideration for the selection of smartphone purchase platform. For those opting for the online mode of purchase, platforms such as Amazon.in and Flipkart and brand websites emerged as top choices primarily based on the respondents’ trust in the platform (29%), product availability (16%) and offers (12%). For offline channels, key reasons included the ability to physically interact with the product, trust in the store/showroom, and the option for immediate purchase.

Source: India Smartphone Consumer Survey, Counterpoint Research

Further commenting on the smartphone channel of purchase, Research Director Tarun Pathak said, “When it comes to smart devices like smartphones, hearables, laptops, PCs, tablets and smartwatches, people generally feel most at ease purchasing smartphones online. With increased awareness and internet access, comfort and trust with online ordering have improved. According to the survey, 47% of the respondents prefer buying smartphones online, with 41% open to both online and offline modes. Amazon.in remains the foremost choice for smartphone purchases across Tier I and other cities, mainly due to the trust people have in it. The convenience and efficiency of the platform further solidify this trust. With a wider product availability and speedy delivery, Amazon.in has become a go-to platform for many online shoppers.”

Disclaimer

This survey aims to understand consumers’ choice of purchase channel and factors influencing the same. Counterpoint Research conducted the survey across India in May 2024, reaching over 1,000 respondents with questions in English. Online channels were used to gather insights from smartphone users aged 16 and above. We anticipate the results to be accurate within +/- 4%.

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India’s Smartwatch Market Stagnates in Q1 2024 for the First Time Ever

After witnessing continued double- and triple-digit growth over the past few years, the market was flat in Q1 2024.
Top three OEMs’ combined market share dropped to 66% in Q1 2024 from 77% a year ago.
The market is expected to register its first-ever double-digit percentage decline in 2024.
However, growth is expected in the longer term as newer use-cases emerge.

New Delhi, Beijing, Boston, Buenos Aires, Hong Kong, London, San Diego, Seoul – June 06, 2024

India’s smartwatch shipments rose marginally by 0.3% YoY in Q1 2024, marking the bustling market’s first-ever stagnation, according to the latest research from Counterpoint’s IoT Service. The Indian smartwatch market was on a high growth streak over the past couple of years driven by high demand, particularly from the youth. However, the muted growth in Q1 2024 indicate declining replacement rates among early adopters due to limited differentiation and innovation among key players.

Commenting on the market trends, Senior Research Analyst Anshika Jain said, “The overall market, which has been registering double- and triple-digit growth over the last couple of years, remained flat in Q1 2024 as some top brands faced difficulties in clearing their existing stocks. Consumers are not warming up to buy a new smartwatch or replace an existing one due to low differentiation in terms of features and limited innovation in the market leading to decline in combined market share of the top three players from 77% in Q1 2023 to 66% in Q1 2024.”

In terms of brands, Fire-Boltt continued to lead the market, followed by Noise and boAt, respectively. Fastrack performed well, driven by improved channel presence and new model launches. beatXP’s shipments doubled as it focused on low-ASP smartwatches and targeted the entry-level segment.

In the premium segment, Apple grew more than 3x due to continued demand for the Apple Series 9 and Apple Watch Ultra 2. For Samsung, almost 50% of its shipments volume came from the Galaxy Watch 6 series.

Commenting on the consumer outlook, Research Analyst Harshit Rastogi said, “The hyper growth of smartwatches in the India market over the past few years has been primarily driven by its appeal as a low-cost fashion accessory. However, this initial growth phase is now cooling down as the initial excitement of the segment is tapering off. This is also reflected in the dwindling growth rates and a bleak outlook. The market is forecast to witness a double-digit percentage decline in 2024. However, in 2026 and beyond, we expect the market to recover driven by newer use-cases in smartwatches. We will continue to see new users added to the category but at a slower growth rate.”

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Samsung’s Galaxy S24 Series Dominates GenAI-capable Smartphone Market in Q1 2024

GenAI-capable smartphones’ share in global smartphone sales increased to 6% in Q1 2024 from just 1.3% in the previous quarter.
The premium segment contributed over 70% of GenAI-capable smartphone sales in Q1 2024.
Samsung captured the top three spots and contributed 58% to the segment.
Chinese OEMs captured six positions in the list of top 10 best-selling GenAI-capable smartphones in Q1 2024.

Seoul, Beijing, Buenos Aires, Fort Collins, Hong Kong, London, New Delhi, San Diego, Taipei, Tokyo – May 30, 2024

GenAI-capable smartphones contributed 6% to global smartphone sales in Q1 2024, a significant increase from just 1.3% in the previous quarter, according to the latest research from Counterpoint’s Global Handset Model Sales Tracker. GenAI capabilities have opened new opportunities for smartphone brands and may potentially drive the market’s growth in the coming years. Premium smartphones (wholesale price >$600) accounted for over 70% of GenAI-capable smartphone sales in Q1. The number of GenAI-capable smartphone models increased from 16 to over 30 during just Q1, indicating brands’ growing interest in this segment.

Samsung’s Galaxy S24 series dominated the GenAI-capable smartphone market in Q1, securing the top three spots in the top-10 list for best-selling GenAI-capable smartphones. The Galaxy S24 Ultra was the best-selling GenAI-capable smartphone, commanding over 30% market share, more than the combined share of the next two smartphones. Samsung’s aggressive marketing campaign highlighting the Galaxy S24’s GenAI capabilities, coupled with its established global presence, led the brand to take a 58% share of the GenAI segment. GenAI features like chat/note assist, circle to search, and live translate are gaining traction with users and garnering positive initial reviews.

Chinese brands captured six positions in the top-10 list. The Xiaomi 14 and vivo X100 models ranked fourth and fifth, respectively. Leading Chinese brands like Xiaomi, vivo, HONOR and OPPO are aggressively integrating GenAI features across their offerings, including features like AI-generated portraits, AI eraser tools and robust offline virtual assistants. Chinese brands’ strategy to focus on their home market first has led to China becoming the world’s largest GenAI-capable smartphone market, capturing one-third of the global market.

For 2024, we expect GenAI-capable smartphones to contribute 11% of the overall smartphone market as newer use cases arise and consumer awareness increases around the segment. Media-focused features and personalized virtual assistants are expected to be major drivers of adoption. On the hardware side, more GenAI-capable chipsets from major semiconductor firms at affordable prices will further aid the growth of the segment. We are anticipating the entry of Apple later this year into the GenAI segment with its 2024 iPhone lineup.

Counterpoint Research defines the GenAI smartphone as a mobile device that leverages large-scale, pre-trained generative AI models to create original content or perform contextually-aware tasks. We expect such devices to have multimodal capabilities, allowing them to process text, image, voice and other inputs to generate a variety of output and enable a user experience that is fluid and seamless. We expect the hardware specifications of such devices will likely evolve as the technology advances. But at present, a device should have hardware capabilities that are comparable to or exceed the performance of current flagship smartphones to effectively run generative AI models.

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Huawei Captures Top Spot in Q1 2024 Global Foldable Smartphone Shipments on 5G Support

Global foldable smartphone shipments were up 49% YoY in Q1 2024, driven by Huawei, HONOR and Motorola.
Huawei’s 5G transition in foldables allowed the brand to rapidly gain a competitive edge.
HONOR and Motorola’s shipments outside of China rose sharply compared to a year ago.
Book-type foldables are gaining popularity, with their shipments exceeding those of clamshells for the first time in 11 consecutive quarters.

Seoul, Beijing, Buenos Aires, Fort Collins, Hong Kong, London, New Delhi, San Diego, Taipei, Tokyo – May 30, 2024

The global foldable smartphone market grew 49% YoY in Q1 2024, marking its highest rate of increase in six quarters, according to the latest Counterpoint Research Foldable Smartphone Shipment Tracker. This surge was primarily driven by significant shipment increases at several Chinese OEMs. Notably, Huawei ascended to the top spot in quarterly global shipments for the first time, overtaking Samsung, which had consistently led the market.

Huawei’s transition to 5G in foldables was a key driver of its 257% YoY growth this quarter. A year ago, Huawei’s foldable portfolio consisted solely of LTE devices. However, by Q1 2024, the proportion of 5G-enabled foldables surged to 84% of the brand’s total foldable shipments.

Launched in September last year, Huawei’s first 5G book-type foldable, the Mate X5, has been one of the bestsellers in China’s foldable market for three consecutive quarters. In March 2024, Huawei also released its first 5G clamshell model Pocket 2, significantly contributing to the Q1 shipments. Despite facing challenges in securing supplies for its self-developed 5G SoC, Huawei will continue to treat foldables as a priority, considering their higher price positioning.

In contrast to Huawei’s focus on the Chinese market, HONOR and Motorola have achieved substantial shipment growth in overseas markets as well. HONOR’s global foldable market share jumped from 3% a year ago to 12% in Q1 2024, making it the third-largest player. Its shipments outside of China grew massively from a small base, driven by the slimmest infolding book-type model, the HONOR Magic V2, which became the most shipped foldable phone in Western Europe in Q1 2024. Similarly, Motorola increased its global market share to 11% to rank fourth, with the Razr 40 (aka Razr 2023) becoming a top model in North America.

We also observed that in Q1 2024, book-type foldables accounted for 55% of the global foldable market shipments, surpassing the clamshell type for the first time since 2021 when the foldable smartphone market began its notable growth following the release of the Samsung Galaxy Z Flip 3. The clamshell market, predominantly led by Samsung, has always enjoyed popularity due to its more accessible pricing, except in the Chinese foldable market. However, while Chinese OEMs such as Huawei, HONOR, OnePlus and vivo have been consistently launching new book-type products since the second half of last year, the growth in Samsung’s clamshell segment has slowed, resulting in a reversal between the popular types this quarter.

Despite the rise of book-type foldables, expectations remain high for the clamshell market’s growth potential this year, bolstered by some anticipated product launches. Samsung aims to reclaim its market leadership with the upcoming Z Flip 6, which promises enhanced performance and reliability. Huawei is also setting aggressive targets for the clamshell market, planning to add a lower-priced model to its portfolio. Both HONOR and Xiaomi are poised to enter the clamshell competition for the first time, intensifying the market dynamics.

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Insights Category: Press releases

Global Cellular IoT Module Market Shows Early Signs of Recovery

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