According to TechInsights, the shipment of notebooks will increase by 4% YoY in Q2 2024, reaching 49.7 million units. This is the third consecutive quarterly growth in the notebook market after experiencing a decline for most of 2022 and 2023. The growth in most regions is mainly due to strong commercial demand, except for China, where the shipment volume is still declining due to significant macroeconomic challenges.

As the end-of-service date for Windows 10 (October 2025) approaches, commercial demand will remain strong, and enterprises will dominate the PC update cycle. Although notebook shipments are expected to continue to grow in the second half of 2024 and throughout 2025, TechInsights expects the Chinese PC market to return to growth not until mid-2025.

Figure 1: Global Top 5 notebook manufacturers' shipment volume in Q2 2024 (preliminary results)

In Q2 2024, Lenovo (00992) continued to lead with a shipment volume of 11.6 million units, a YoY increase of 6%. HP (HPQ.US) followed closely behind with a market share of 22%. Dell (DELL.US) was the only manufacturer that experienced a YoY decline, but the decline was small (-1%), and its notebook shipments were 8.3 million units. Apple (AAPL.US) contributed to the brand's growth in the quarter with the recent introduction of the M3 MacBook Air, with a YoY increase of 6%. Acer achieved the strongest growth this quarter, with an increase of 13%. The growth of Chromebook and education demand boosted Acer's growth.