Q2 GPU Shipments Up 1.8%, Nvidia Hits 20% Market Share

Jon Peddie Research (JPR) has released its latest quarterly GPU shipment report, highlighting the current trends in the GPU market. According to the report, total GPU shipments grew by 1.8% from Q1 to Q2 of 2024, with year-over-year growth of 16%.

In Q2 2024, PC-based GPU shipments reached 70 million units, which is an unusual increase, as GPU shipments typically decline between the first and second quarters. The 1.8% quarter-on-quarter growth stands out, considering the 10-year average shows a 7% decline for this period. The report notes that this growth isn't tied to typical seasonal trends.

Year-over-year, total GPU shipments, including all types, rose by 16%, with desktop GPUs up by 21% and laptop GPUs increasing by 13%. AMD's market share in Q2 increased by 0.2 percentage points, while Nvidia saw a significant gain of 2 percentage points, raising its share from 18% to 20%. In contrast, Intel's market share fell by 2.1 percentage points, dropping from 66% to 64%.

In terms of shipment growth, AMD saw a 3% increase, Intel experienced a 1.4% decline, and Nvidia surged by 10%. Nvidia also reported record-breaking gaming revenue, driven by strong demand for its GeForce RTX 40 series GPUs.

The PC CPU market saw a notable 4.6% decline quarter-over-quarter, though year-over-year growth reached 10.7%. Projections for 2024-2026 suggest a compound annual growth rate (CAGR) of 4.2% for the GPU market, with shipments expected to reach 3.3 billion units. The discrete GPU (dGPU) penetration rate in PCs is forecasted to hit 23% over the next five years.

Despite ongoing market volatility, JPR anticipates a 7.6% increase in shipments for Q3, a sharp contrast to the 7.9% decline seen in the same period last year. However, based on the 10-year average, the growth rate from Q2 to Q3 is projected to be a modest 0.9%.