Global Smartphone Panel Market Shows Strong Growth in 2024: Chinese Brands Account for Over Half, with Xiaomi, OPPO, and vivo Leading the Way

Global Smartphone Panel Market Shows Strong Growth in 2024: Chinese Brands Account for Over Half, with Xiaomi, OPPO, and vivo Leading the WayMarket research firm CINNOResearch released data today showing that the global smartphone panel shipments are projected to reach 2.27 billion units in 2024, an 8

Global Smartphone Panel Market Shows Strong Growth in 2024: Chinese Brands Account for Over Half, with Xiaomi, OPPO, and vivo Leading the Way

Market research firm CINNOResearch released data today showing that the global smartphone panel shipments are projected to reach 2.27 billion units in 2024, an 8.7% year-on-year increase, setting a new historical high. This data fully demonstrates the strong adaptability and resilience of the smartphone industry supply chain amidst global economic uncertainty. The report indicates that mainstream phone brands (excluding white-label and repair markets) are projected to procure 1.21 billion panels globally, a 5.3% year-on-year increase. Chinese brands dominate, expected to account for 57.8%, a 1.4 percentage point year-on-year increase, exceeding half of the overall market.

This report delves into the competitive landscape of smartphone panel procurement in the Chinese market. Data shows that Xiaomi, OPPO, and vivo continue to hold the top three positions in domestic panel procurement, with a combined market share projected to reach 34.0%. These three manufacturers not only perform strongly in the domestic market but also demonstrate strong competitiveness in the global market, providing strong support for the rise of Chinese smartphone brands globally.

Let's take a closer look at the performance of these three Chinese smartphone giants:

Xiaomi: Leading the Domestic Market with Strong Growth Momentum

Xiaomi exhibits strong growth momentum in 2024. The report projects that Xiaomi's smartphone panel procurement will reach 171 million units, a remarkable 21.7% year-on-year increase, solidifying its position as the number one in the domestic market. This significant growth reflects Xiaomi's success in product innovation, market strategy, and supply chain management. Xiaomi continues to launch competitive products and actively expands both domestic and international markets, laying a solid foundation for its panel procurement growth. The 21.7% year-on-year growth rate also indicates Xiaomi's proactive stance in market competition and its success in attracting a large number of consumers.

OPPO: Securing Second Place, Demonstrating Steady Operational Capabilities

OPPO is projected to procure 144 million smartphone panels in 2024, a 3.5% year-on-year increase, maintaining its second position in the domestic market. Although the growth rate is relatively moderate compared to Xiaomi, the 3.5% year-on-year increase still reflects OPPO's robust operational capabilities and market competitiveness. OPPO has always been known for its excellent product quality and user experience, and its steady market performance reflects its stable market position and brand influence. Maintaining second place also shows OPPO's adaptability and strategic approach in responding to market changes.

vivo: Sustained Growth, Equally Impressive Performance

vivo's performance in 2024 is equally noteworthy. Its smartphone panel procurement is projected to reach 98 million units, a 4.2% year-on-year increase. Although vivo's growth rate is slightly slower compared to Xiaomi and OPPO, the 4.2% year-on-year increase still demonstrates vivo's continued market competitiveness and growth potential. vivo has always had unique advantages in product line layout and market segmentation, enabling it to continuously attract consumers and maintain a stable market share. vivo's sustained growth also indicates its excellent performance in brand building and user relationship management.

Overall Market Outlook: Resilience Shown by the Global Smartphone Industry

The projected 2.27 billion units of global smartphone panel market in 2024, representing an 8.7% year-on-year growth, is undoubtedly a positive signal given the numerous uncertainties facing the global economy. This indicates the smartphone industry's strong resilience and confidence in future market development. The rise of Chinese brands in the global market further solidifies their importance in the smartphone industry. The strong performance of Xiaomi, OPPO, and vivo is a testament to the strength of the Chinese smartphone industry chain.

In the future, with continuous technological advancements and evolving consumer demands, the global smartphone market will continue to evolve dynamically. Chinese brand manufacturers will continue to face intense market competition, but their innovative capabilities, supply chain management capabilities, and keen insights into market trends will lay a solid foundation for their future competitiveness. We can expect these three manufacturers, along with other Chinese smartphone brands, to continue bringing more surprises to the global smartphone market in the coming years. The continued growth of the global smartphone panel market also suggests a more prosperous future for the smartphone industry.