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Rebound in Chinese consumer electronics market continues

By Ma Si | chinadaily.com.cn | Updated: 2024-05-15 20:34

Chinese smartphone brand Realme unveils its latest smartphones. [Photo provided to chinadaily.com.cn]

As China's consumer electronics market shows more signs of recovery, local smartphone companies are stepping up their push to unveil new products to attract consumers in the hope of maintaining their edge amid the intensifying competition.

The Chinese smartphone brand Realme, for instance, unveiled a middle-range smartphone GT Neo6 to target gaming-enthusiasts. Xu Qi, vice-president of Realme, said the company wants to deliver exceptional value for money with the new phone, with high cost-effectiveness in the 2,000 yuan ($277) segment.

China's smartphone market saw shipments reach about 69.26 million units, an increase of 6.5 percent in the first quarter of 2024 every year, according to the latest report by market consultancy IDC.

According to data from the Ministry of Industry and Information Technology, China's top industry regulator, smartphone production in the country reached 374 million units in the first quarter, representing a 13.6 percent year-on-year increase.

"In the first quarter, China's electronic information manufacturing industry saw steady production growth, sustained export recovery, continued improvement in efficiency and maintained high investment growth rates," the ministry said.

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