Taiwan notebooks, 3Q 2023

Global notebook shipments performed better than expected in the third quarter of 2023. After enjoying an over 20% sequential increase in the second quarter, the volumes went up further by 2.1% in the third, but the shipments will then slip 7.3% in the fourth quarter due to high channel inventory and a high comparison base in the third quarter.

The shipment growth in the third quarter was driven by brand vendors' keen digestion of consumer model inventory and robust order pull-ins from the retail channel for the year-end holiday season, helping to offset the shipment decline in the enterprise and education sectors.

Dell and Lenovo are expected to achieve better performances among the global top-6 brands in the fourth quarter. Lenovo, after becoming the largest notebook brand in the third quarter, will maintain its leading position in the fourth quarter, seeing only a minor sequential shipment decline, with its key markets Europe and China both recovering.