PC Market Back in Black in Q1 2024; AI PCs to Drive 2024 Growth

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PC Market Back in Black in Q1 2024; AI PCs to Drive 2024 Growth

Press releases
/ Apr 18, 2024
/ Team Counterpoint

Continuing their recovery from an inventory correction cycle, the global PC market’s shipments grew around 3% YoY in Q1 2024.
The top-five brand rankings were unchanged YoY, with Lenovo and Acer remaining resilient.
Manufacturers are expected to promote AI PCs as their main products in the second half of 2024 as semiconductor companies prepare to launch SoCs featuring higher TOPS.
Counterpoint expects 3% YoY shipment growth in the full year of 2024, driven by the demand for AI PCs and a fresh replacement cycle.

Seoul, Beijing, Boston, Fort Collins, Hong Kong, London, New Delhi, Taipei, Tokyo – April 18, 2024

Global PC shipments grew around 3% YoY in Q1 2024 after eight consecutive quarters of declines due to demand slowdown and inventory correction, according to the latest data from Counterpoint Research. The shipment growth in Q1 2024 came on a relatively low base in Q1 2023. The coming quarters of 2024 will see sequential shipment growth, resulting in 3% YoY growth for the full year, largely driven by AI PC momentum, shipment recovery across different sectors, and a fresh replacement cycle.

Global PC Shipments, Q1 2024 vs Q1 2023 (In Million Units) — Source: Counterpoint Research

Lenovo’s PC shipments were up 8% in Q1 2024 off an easy comparison from last year. The brand managed to reclaim its 24% share in the market, compared to 23% in Q1 2023. HP and Dell, with market shares of 21% and 16% respectively, remained flattish, waiting for North America to drive shipment growth in the coming quarters. Apple’s shipment performance was also resilient, with the 2% growth mainly supported by M3 base models.

We view 2024 as the first chapter of the AI PC (including desktops and laptops), as 45% of the new laptops shipped during the year will be AI-capable. Commenting on generative AI laptops, Senior Analyst William Li said, “We believe the shipment and deployment of generative AI laptops will accelerate in 2025-2026, along with emerging generative AI functions and use cases, supported by chip vendors’ new processor platforms.”

Against the backdrop of normalizing inventory levels and the end of the replacement cycle following skyrocketing demand in both enterprise and consumer segments amid the COVID-19 pandemic, we believe AI laptops could act as a catalyst in driving the overall PC shipment recovery in 2024. Manufacturers are expected to start promoting AI PCs as their main products in the second half of 2024 as semiconductor companies prepare to launch SoCs featuring higher TOPS.

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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Counterpoint research is a young and fast growing research firm covering analysis of the tech industry. Coverage areas are connected devices, digital consumer goods, software & applications and other adjacent topics. We provide syndicated research reports as well as tailored. Our seminars and workshops for companies and institutions are popular and available on demand. Consulting and customized work on the above topics is provided for high precision projects.

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