Lenovo expands its market share in the US PC market, with Q4 growth far surpassing Dell and HP.

According to the latest data from Canalys, the total annual shipment volume of the PC market in the United States in 2024 reached 69.21 million units, a year-on-year increase of 5.2%. Among them, Lenovo ranked third with a shipment volume of 11.872 million units, and its market share increased from 16.0% in 2023 to 17.2%, further narrowing the gap with HP (25.3%) and Dell (22.8%). It is worth noting that Lenovo's annual shipment volume increased by 12.8% year-on-year, far exceeding HP's 0.6% and Dell's -4.1%. In the fourth quarter, HP and Dell experienced negative growth of -3.6% and -2.4% respectively. Meanwhile, Lenovo maintained nearly 12% double-digit growth. From the data, it is evident that Lenovo, ranked third, and Apple, ranked fourth, are joining forces to gain market share from HP and Dell. If this trend continues, Lenovo is expected to challenge the top two positions in the US market in the next 2-3 years. Behind this growth, the US PC market is undergoing two major structural changes: Commercial demand surge: the countdown to the end of Windows 10 support is driving an enterprise device upgrade wave, leading to early release of replacement demand, and a 9% year-on-year growth in the commercial market in the second half of 2024; Consumer side pressure: inflation and tariff policies have led to price fluctuations in consumer electronics, with weak growth in the mid-to-low-end market. In this context, Lenovo is breaking through against the trend by leveraging its deep penetration of the commercial market and global supply chain advantages. Lenovo's strong performance in the US market in 2024 is essentially a challenge by "precision strategy" against "traditional giants." Its 12.8% growth is 2.5 times the industry average of 5.2%. This is not only due to the early release of enterprise replacement demand after Microsoft announced the end of support for Windows 10 in October 2025 but also due to Lenovo's full price range coverage, which directly diverts users from top brands like HP and Dell. Faced with the potential risks of US tariffs on China, Lenovo's supply chain "resilience" also crushes its competitors. Lenovo's factory in Mexico can handle orders from North America, reducing end prices by utilizing the zero-tariff policy of the United States-Mexico-Canada Agreement (USMCA) and creating a competitive advantage. The US PC market in 2024 proves that in an era of stagnant competition, the key to a manufacturer's success lies not only in product innovation but also in the control of the core market. Lenovo's precise positioning in the commercial sector, the flexible layout of its supply chain, and comprehensive coverage from price range to service ecology are continuously narrowing the gap with leading manufacturers. Although trade policies may cause fluctuations in the short term, its "globalization + localization" dual-track strategy has laid the groundwork for capturing a higher market share. For HP and Dell, a more dangerous challenger is accelerating towards them.