New Delhi, Dec 28 (IANS): Facing a third year of decline, the global PC industry outlook for 2024 does not look optimistic and its revenue is expected to drop by $1.3 billion, pushing the total three-year loss to almost $11 billion, a report showed on Thursday.

According to data presented by Stocklytics.com, the global PC industry’s revenue is expected to drop by 0.5 per cent to $219.2 billion in 2024.

"The excess inventory and crushed consumer purchasing power keep pulling revenue and shipments deep below the levels seen in recent years," the report said.

After inflation, the Russian-Ukrainian war, and the China lockdown brought the steepest drop in PC sales since the 1990s, the downward spiral is set to continue in 2024.

In 2021, when PC sales peaked, the entire market grossed $230 billion in revenue, according to a Statista survey. A year later, this figure dropped to $220 billion.

"While 2023 saw practically the same revenue, that won't be the case next year. In 2024, global PC sales revenue is expected to drop by $1.3 billion," the report mentioned.

The market cap of the world's largest PC producer, Lenovo, which had a 23 per cent share in this year's total shipments, has jumped by 61 per cent year-over-year to $15.8 billion. Dell Technologies saw even bigger growth, with its stock value surging by 81 per cent YoY to $52.2 billion.

Statistics show the market cap of HP, the second-largest PC producer with a 20 per cent market share, has grown by 13 per cent year-to-date and hit almost $30 billion.

"Collectively, the three companies have added a whopping $32 billion to their stock values this year," the report said.