The U.S. PC market is recovering rapidly: Lenovo (00992) sees double-digit growth, with market share expanding once again.

On March 14, the latest report released by research firm Canalys shows that in the fourth quarter of 2023, the shipment of personal computers (PCs) in the United States (including desktops, laptops, and workstations) increased by 3.3% year-on-year, reaching 16.7 million units. The consumer market was driven by holiday seasons, with a year-on-year growth of 15.1%. In terms of manufacturer rankings, in the fourth quarter of 2023, Lenovo (00992) shipped 2.628 million units in the personal computer (PC) market. Among the top three in shipments, Lenovo's annual growth rate was 11.5%, ranking first. HP's annual growth rate was 1.8%, while Dell's annual growth rate showed a downward trend at -5.0%. Canalys analysis believes that consumer PC shipments have performed the best for two consecutive quarters. Promotions and discounts during the entire quarter have driven relatively strong seasonal spending. As consumer priorities for purchasing consumer electronics have been relatively low, there has been an increase in consumer willingness to purchase consumer electronics. Although enterprise PC purchases are still restricted, the decline in shipments has narrowed. With the update of Windows 11 PCs, the launch of AI PCs, and the formulation of new budgets, the prospects for commercial development in 2024 are good, and strong growth is expected in the next two years. With the Emergency Connectivity Fund (ECF) scheduled for summer, it is expected that the demand in the education sector in 2024 will also remain healthy. The rebound signal in the US PC market indicates growth in the next two years. The performance of the US PC market in 2024 and 2025 is expected to show strong momentum. Canalys predicts that the year-on-year growth of the US PC market in 2024 and 2025 will reach 7% and 10%, respectively.