The global Personal Computer market is set to recover in 2024 after managing to outperform expectations in the third quarter of 2023, the International Data Corporation has disclosed.
Total shipments of PC grew to 68.5 million in the quarter being reported, managing to outperform expectations. This volume is still a 7.2 per cent decline when compared to the corresponding period of 2022, according to the IDC’s Worldwide Quarterly Personal Computing Device Tracker.
The data insight firm noted that the growth in the quarter was driven by inventory restocking, mostly on the consumer side and efforts to address anticipated cost escalations, such as expected increases in India import duties, which eventually became suspended.
It said, “Given current conditions and a tenuous macroeconomic environment, IDC has lowered its forecast for the worldwide PC market.
“2023 shipment volume is now expected to decline 13.8 per cent compared to 2022, which itself declined 16.6 per cent over the previous year. Two consecutive years of double-digit year-over-year drops is an unprecedented trend in the PC market but will likely contribute to a recovery thereafter.
“Despite the short-term challenges, IDC continues to expect a market rebound in 2024 and beyond with many factors converging within the next two years.”
The firm predicts that 2024 will be a pivotal year for the PC market, and beyond 2024, growth is now expected to surpass pre-pandemic shipment levels and culminate in 285 million units by 2027.
Research manager for IDC Mobility and Consumer Device Trackers, Jay Chou, added, “Perhaps historical context can offer some consolation to the tough slog the PC ecosystem is going through.
“While we still expect eight consecutive quarters of year-over-year volume declines from Q1 2022 through Q4 2023, it still pales to the 19 consecutive quarters of year-over-year PC declines from Q2 2012 to Q4 2016. Furthermore, notebooks are already at higher levels than 2019, signaling a sizable expansion of the notebook market even after COVID-induced purchases have subsided.
“We maintain that factors like hybrid work, commercial refresh, and growth in premium PCs can lead to a compound annual growth rate of 3.1% from 2023 through 2027.”
