美国PC市场被关税“绊住” 全球其他市场双位数增长

Core Insights - Global PC shipments are experiencing growth, with a 9.4% year-over-year increase in Q3 2025, totaling 75.9 million units. However, the U.S. market is facing stagnation due to tariffs and reduced consumer spending [1][4]. Market Performance - The U.S. PC market showed zero growth in Q2 2025, while other regions experienced a 9% increase. In Q3, the Americas saw only a 1% growth [1][3]. - The Asia-Pacific and EMEA regions reported robust demand, with both achieving a 14% growth in Q3 2025 [4]. Factors Driving Growth - Key drivers for global PC market growth include the migration to Windows 11, a refresh cycle initiated during the pandemic, and a new wave of demand driven by AI [4][6]. - The GIGA Education Project in Japan and government subsidies in China are contributing to increased PC sales in their respective markets [4]. Company Performance - Lenovo leads the global PC market with shipments of 19.4 million units and a market share of 25.5%, reflecting a 17.3% year-over-year growth. HP, Dell, Apple, and ASUS follow, with varying growth rates [5]. - HP's shipments reached 15 million units, growing by 10.7%, while Dell's growth was the lowest among the top five at 2.6% [5]. Market Dynamics - The current demand surge is benefiting leading manufacturers with efficient supply chains, while smaller brands face increased competitive pressure [6]. - Companies are considering shifting focus to emerging markets and enhancing supply chain flexibility in response to global trade complexities [6]. Future Outlook - AI is projected to be a significant growth driver, with expectations that AI PC shipments could account for 70% of the market by 2028, growing at a compound annual growth rate of 44% from 2024 to 2028 [6].