Oct 14 - Global smartphone shipments grew 5% in the

third quarter of 2024, driven by persistent demand in emerging

economies and the start of a replacement cycle in North America,

China and Europe, underpinning a recovery in the market after a

prolonged slump.

The July-September quarter marked the fourth consecutive

quarter of growth in the smartphone market, research firm

Canalys said in a report on Monday.

Apple ( AAPL ) reached record high third-quarter shipments, backed by

strong demand for its older models, the report added.

WHY IT'S IMPORTANT

The smartphone market has been recovering as a series of

artificial intelligence features and new releases prompt users

to replace their devices after a months-long downturn following

the pandemic.

Smartphone providers such as Apple ( AAPL ) and Samsung as well as

various chipmakers have pinned high hopes on the market's

resurgence amid intense competition.

KEY QUOTES

"Apple ( AAPL ) achieved its highest third-quarter volume to

date and has never been closer to leading the global smartphone

market in a Q3 than now," said Runar Bjørhovde, analyst at

Canalys.

"The gap between the top five vendors has narrowed,

intensifying the competitive landscape," Canalys analyst Le Xuan

Chiew said.

CONTEXT

A shift towards premium models, along with an ongoing

refresh cycle of devices purchased during the pandemic, is

benefiting Apple ( AAPL ), particularly in regions such as North America

and Europe, Canalys said.

The new iPhone 16 is also expected to help Apple's ( AAPL ) sales in

the fourth quarter and drive momentum into the first half of

2025.

BY THE NUMBERS

Samsung accounted for 18% of total smartphone

shipments in the third quarter, narrowly defending its lead on

Apple ( AAPL ). iPhones made up 18% of shipments.

Xiaomi maintained its position as the third-largest

smartphone vendor with 14% market share.

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