Core Insights - The Indian PC market (excluding tablets) experienced a 6% year-on-year growth in Q2 2025, with shipments reaching 3.6 million units, driven by strong demand from enterprises and steady consumer market improvements [1][3] Company Performance - Lenovo led the market with a 19.3% year-on-year growth rate, achieving a market share of 19.9%, significantly outperforming its competitors [1][2] - HP maintained the highest market share at 30.2%, but its year-on-year growth was only 0.2%, indicating stagnation [1][2] - Acer and Asus showed growth, but their rates did not reach double digits, failing to challenge the top two brands effectively [2] - Dell's performance declined, with a year-on-year shipment drop of 12.2%, reflecting a weakening competitive position [2] Market Trends - The growth in the PC market is attributed to a strong recovery in enterprise demand, particularly for AI-enabled laptops, which saw a nearly threefold increase in shipments [3] - The demand for workstations surged by 41% year-on-year, highlighting the need for high-performance computing in engineering, design, and content creation sectors [3] - The overall PC market in India is projected to grow by 7% in 2025, reaching 15.1 million units, with sustained growth expected in 2026 due to ongoing device upgrades and AI application adoption [3] Future Outlook - The Indian PC market is entering a critical development phase, with AI adoption, educational tenders, and local manufacturing being key factors influencing growth trajectories [3] - Companies that effectively leverage the shift towards enterprise AI transformation and changing consumer demands are likely to be the biggest beneficiaries of this growth wave [3]

Core Viewpoint - The global PC market experienced a significant growth in Q1 2025, with total shipments reaching 62.7 million units, a year-on-year increase of 9.4%, driven by preemptive shipping strategies by OEMs ahead of new tariff implementations [1][3]. Group 1: Market Performance - In Q1 2025, notebook shipments (including mobile workstations) reached 49.4 million units, up 10% year-on-year, while desktop shipments (including desktop workstations) totaled 13.3 million units, reflecting an 8% increase [1]. - Lenovo maintained its leading position in the global PC market with shipments of 15.2 million units, achieving an 11% growth. HP followed with 12.8 million units, growing 6% year-on-year. Dell's shipments rebounded to 9.5 million units, marking a 3% increase, while Apple saw a strong 22% growth, reaching 6.5 million units [3][4]. Group 2: Tariff Impact and OEM Strategies - The increase in shipments was largely attributed to OEMs accelerating their shipping schedules to the U.S. market in response to the first round of tariff policies announced by the Trump administration. This proactive approach allowed manufacturers to stock up before cost increases due to tariffs [1][3]. - As new tariffs are set to take effect, OEMs are expected to continue diversifying production away from China to mitigate cost pressures. By the end of 2025, it is anticipated that most PC manufacturers will have shifted their U.S. market shipments to production outside of China [3][4]. - HP's CEO Enrique Lores indicated that by the end of this year, 90% of HP's products sold in the U.S. will be produced outside of China, highlighting the ongoing shift in production strategies among major OEMs [3]. Group 3: Consumer Demand and SMB Challenges - The impact of tariffs on consumer demand is expected to become more pronounced, as rising prices for various goods will force consumers to weigh their spending on more expensive PCs against other daily expenses [1]. - Small and medium-sized businesses (SMBs) may face pressure to delay their device upgrades before Windows 10 reaches its end of service in October 2025. A survey indicated that 14% of SMB partners were unaware of the impending end of service, while 21% knew but had no upgrade plans [1].