Overview: China’s smartphone sales rose 1.5% YoY in 2024. The market’s performance through the year was uneven, with a softer start and a sluggish conclusion compared to the previous year. However, during the period spanning from Week 5 to Week 36, smartphone sales generally outperformed those of the year-ago period. Despite the overall growth, there was a notable divergence in the performance of major brands. Huawei recorded a remarkable 36% YoY growth, followed by Xiaomi with 10% and vivo with 6%. In contrast, Apple, OPPO and HONOR faced YoY declines.
Looking into 2025, China has expanded national consumption subsidies to include smartphones and other electronics to revive domestic spending. This could serve as a catalyst for boosting sales volume in the upcoming year. However, China still grapples with significant economic pressures from subdued domestic consumption and the looming threat of potential new tariffs imposed by the US on Chinese exports. Given these challenges, we maintain a cautiously optimistic outlook for China market in 2025.
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