The GPU market saw an unexpected surge in Q2 2024, defying the typical seasonal downturn. According to a report by Jon Peddie Research, shipments from AIB partners, including major brands like ASUS, MSI, and GIGABYTE, increased compared to both the previous quarter and the same period last year. This is a significant development considering Q2 is generally considered a quieter period for the industry.
The report highlights a 9.4% quarter-over-quarter increase in GPU shipments, far exceeding the historical average of -7.1% for Q2 over the past decade. This translates to approximately 9.5 million units shipped, with both NVIDIA and AMD benefiting from the heightened demand. NVIDIA’s shipments surged by 9.7% compared to the previous quarter and an impressive 61.9% year-over-year. AMD also saw a notable increase, with a 9% quarter-over-quarter growth and a 3% rise year-over-year.
As expected, NVIDIA continues to dominate the market with a commanding 88% market share. C. Robert Dow, an analyst at JPR, attributes this surge in GPU sales to the launch of new cards and a slight decrease in prices. While the report mentions the increasing popularity of the GeForce RTX 40 Series cards, it’s surprising that AI, a key driver of GPU demand, isn’t explicitly highlighted.
The data suggests that PC gamers are fueling this growth, with recent releases of high-profile games and Steam Hardware Surveys showing cards like the GeForce RTX 4070 and RTX 4060 rising in popularity. The report also notes that this increase in GPU shipments is expected to flatten until the next generation of graphics cards arrives in late 2024 or early 2025. Based on industry rumors and speculation, AMD’s Radeon 8000 Series of mid-range cards and NVIDIA’s full lineup of GeForce RTX 50 Series cards are anticipated to launch early next year, with CES 2025 likely to be the stage for their official unveiling.
