China Mobile Phone Market Report, October 2024: Domestic Brands Surge, 5G Dominates

China Mobile Phone Market Report, October 2024: Domestic Brands Surge, 5G DominatesThe China Academy of Information and Communications Technology (CAICT) recently released its October 2024 domestic mobile phone market analysis report. Data reveals a complex and dynamic market in October 2024

China Mobile Phone Market Report, October 2024: Domestic Brands Surge, 5G Dominates

The China Academy of Information and Communications Technology (CAICT) recently released its October 2024 domestic mobile phone market analysis report. Data reveals a complex and dynamic market in October 2024. While overall market growth slowed, significant differences emerged in market segments. The strong rise of domestic brands and the continued proliferation of 5G phones were the defining characteristics.

The report indicates that the total domestic mobile phone shipments reached 29.674 million units in October 2024, representing a year-on-year increase of 1.8%. This moderate growth suggests a market adjustment period with stabilizing demand. Notably, 5G phone market penetration continued to rise, with shipments reaching 26.722 million units, a year-on-year increase of 1.1% and accounting for 90.1% of total phone shipments. This data clearly demonstrates the widespread adoption of 5G technology in the domestic market and indicates that 5G phones will remain the market mainstream.

Conversely, the number of new phone model launches showed a downward trend. In October, 37 new models were launched domestically, a year-on-year decrease of 26.0%. Of these, 22 were 5G models, representing a year-on-year decline of 29.0% and accounting for 59.5% of new model launches. This reduction may be attributed to intensified market competition, adjustments in manufacturers' product strategies, and an extended consumer replacement cycle. This suggests that manufacturers need to focus more on product innovation and differentiation to gain larger market share.

However, domestic brands demonstrated strong performance in terms of brand competition. In October, domestic brands shipped 23.458 million units, a year-on-year increase of 30.2%, accounting for 79.1% of total shipments. This demonstrates the continuously strengthening competitiveness of domestic brands in the domestic market, steadily gaining dominance. This is due to continuous improvements in technological innovation, product quality, and services by domestic brands, along with increasing consumer recognition and loyalty.

The smartphone market also showed a relatively stable trend. October saw 27.884 million smartphone shipments, a year-on-year decrease of 1.1%, accounting for 94.0% of total phone shipments. Although growth slowed, smartphones still commanded the majority of the market share. This indicates that smartphones remain the preferred choice for consumers and will maintain their market dominance for a considerable time.

From January to October, the overall performance of the domestic mobile phone market was robust. Cumulative shipments reached 250 million units, a year-on-year increase of 8.9%. 5G phone shipments totaled 214 million units, a year-on-year increase of 13.6% and accounting for 85.5% of total shipments. Smartphone shipments reached 234 million units, a year-on-year increase of 6.4% and accounting for 93.5% of total shipments. These figures demonstrate that despite the slowdown in October, the overall performance for the first ten months was still quite strong, showcasing the resilience and vitality of the Chinese mobile phone market.

In summary, the domestic mobile phone market in October 2024 exhibited a trend of slowing growth but structural adjustment. The strong growth of domestic brands, the continued popularity of 5G phones, and the dominant position of smartphones are the core characteristics of the current domestic mobile phone market. Although the number of new models has decreased, the overall market maintains a certain level of growth vitality, making future market trends worthy of continued attention. Manufacturers need to adapt to market changes and continuously improve product competitiveness to survive in this fiercely competitive market. The market seeks a new equilibrium point amidst adjustment, and future development is promising. Evolving consumer demand will continue to guide market direction, with innovation and differentiation as key factors.