Smartphone Market Continued Growth in 2Q24

Global smartphone shipments grew 8% YoY in the second quarter of 2024, according to Counterpoint Research. Almost all the regions registered growth, owing to improving consumer sentiment and macroeconomic conditions. This marks the third consecutive quarter posting growth for the global smartphone market.

“Smartphone shipments registered strong growth as key regions continued on a recovery path. The Caribbean and Latin America (CALA) emerged as the fastest-growing region as Chinese OEMs continued their aggressive push helped by increased demand in smaller markets in the region. Europe and Asia Pacific also registered double-digit growth. The Chinese market grew thanks to a strong performance in the 6.18 sales, which included significant price discounts including the Apple iPhone. Consumer sentiment improved in many European markets, reflected in the growth of smartphone shipments in the region, especially in Western Europe, which grew faster than Central and Eastern Europe. Middle East and Africa also registered single-digit growth due to a more favorable economic environment as well as an increasing push from Chinese OEMs. However, India witnessed a marginal decline due to a seasonal slump aggravated by a severe heatwave,” said Prachir Singh, Senior Analyst at Counterpoint Research.

Global smartphone revenues also grew by 8%. Apple led the smartphone market revenues with a 42% share. Samsung’s revenues grew 5%, due to growth in its ASP as well as shipments. Among the top five OEMs, Xiaomi’s revenue growth was the fastest in the second consecutive quarter as it maintained a strong performance in its key markets. Revenues for the market beyond the top five OEMs also grew significantly, driven by increasing revenues from Huawei, HONOR, Motorola, and Transsion brands. The >$800 segment continued to increase its share, growing by 2% while taking share from sub-$400 segments.

Samsung led global smartphone shipments during the quarter, driven by the strong performance of the Galaxy A-series as well as the continued momentum of the Galaxy S24 series. Among the top five brands, Xiaomi was the fastest-growing brand followed by vivo. For Xiaomi, MEA and CALA regions were the major growth drivers, while it also gained momentum in its traditional markets like China, India, and key APAC countries. While, for vivo, China remained the major growth driver along with India and South-Asian countries. Huawei, HONOR, Motorola, and Transsion were the other key brands that gained during the quarter. Huawei continued its strong momentum in China which was the major reason for its growth. HONOR gained in CALA and MEA, in addition to having a strong share in China. The Transsion brands, TECNO, itel, and Infinix, performed strongly in Eastern Europe, India, and the MEA. India, CALA, and North American markets were the growth drivers for Motorola. OPPO experienced a marginal shipment decline, mostly due to a decline in OnePlus’s shipments, as the brand experienced stiff competition in its key markets.