Global PC shipments for the fourth quarter of 2024 were reported by IDC, showing a modest year-over-year increase of 1.8% with 68.9 million units shipped. For the full year of 2024, the shipment volume reached 262.7 million PCs, marking a 1% increase from the previous year. This growth was slightly below the previously modeled expectations of a 2.1% year-over-year increase to 69.1 million units.
Despite a challenging environment, Apple (NASDAQ:AAPL) stood out by gaining the most share in the fourth quarter, with a significant 17.3% year-over-year increase in units shipped, reaching 7.0 million units. This growth propelled Apple's global market share to 10.1%, a rise of 134 basis points compared to the same period last year.
Lenovo maintained its lead as the top global PC vendor with a 24.5% market share, shipping 16.9 million units, a 4.8% increase year-over-year. HPQ held onto the second spot, despite experiencing a slight decline in shipments, which fell 1.7% year-over-year to 13.7 million units. Dell (NYSE:DELL) secured the third position with a 14.4% market share, shipping 9.9 million units, a marginal decrease of 0.2% from the previous year.
ASUS rounded out the top five, coming in fifth place with a 6.9% market share after shipping 4.7 million units, which represented an 11.7% increase year-over-year. Looking ahead, the PC market is expected to continue growing in 2025, driven by factors such as the aging installed base of PCs from the COVID era, the end of life for Windows 10, and the emergence of AI-powered PCs.
"We maintain Buy on Apple given margin expansion from silicon roadmap, Apple Intelligence, and growth in Services. Maintain Neutral on HPQ given worsening print outlook only partially offset by improving PC outlook and tight cost controls," BofA analyst Wamsi Mohan said.
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