The global PC market kicked off 2026 on a seemingly positive note, with shipments rising 4% year-on-year to reach 62.8 million units in the first quarter, according to Gartner. However, beneath this growth lies a more cautious reality—one driven less by demand and more by strategic inventory build-ups.
According to Gartner’s preliminary analysis, the uptick in shipments was largely “artificially inflated.” Vendors and channel partners accelerated inventory stocking in anticipation of expected price hikes in Q2 2026. These increases are being driven by rising memory costs, including DRAM and NAND flash—commonly referred to as “memflation”—which are expected to impact especially lower-margin devices.
This trend also mirrors patterns seen a year ago. The first quarter of 2025 had already experienced inflated shipments due to front-loading ahead of U.S. tariffs, making the current growth appear stronger in comparison than it may actually be.
Vendor Landscape: Stability at the Top, Shifts Below
The competitive landscape among top PC vendors remained largely stable. Lenovo retained its leadership position with a 26.5% market share and posted a strong 9.5% growth. HP Inc., while holding on to the second spot, saw a decline of 4.9% in shipments, resulting in a drop in market share. Dell continued its upward trajectory, growing 7.6% and increasing its share to 16.5%.
One notable shift came in the mid-tier rankings, where ASUS overtook Acer to claim the fifth position globally—signaling increasing competition beyond the top three.
Apple Emerges as the Growth Leader
Among all major vendors, Apple stood out with the highest growth rate of 12.7% year-on-year. This surge was largely fueled by strong demand for the MacBook Neo, particularly among first-time Mac users and the education segment.
Apple’s strategy of targeting cost-conscious consumers with high-performance devices appears to be paying off. The company also recorded a 0.8 percentage point increase in market share, reinforcing its growing presence in a traditionally price-sensitive category.
Inventory Today, Demand Tomorrow?
While the headline numbers suggest recovery, the underlying dynamics indicate a market still finding its footing. The reliance on inventory build-up rather than end-user demand raises questions about sustainability in the coming quarters.
As pricing pressures from component costs begin to reflect in retail markets, the real test for PC vendors will be whether demand can keep pace—or whether the industry is headed for a near-term correction.
In essence, Q1 2026 may have delivered growth on paper, but the road ahead for the PC market will depend on genuine consumption, not just channel momentum.