Latin America's smartphone market grew 20% in Q4 2023 – Canalys

SINGAPORE – Canalys' latest research reveals that the Latin American smartphone market grew by 20% in Q4 2023, as the strong consumer momentum from the previous quarter continued. The surge was primarily fueled by intensified brand and channel initiatives aimed at replenishing inventories. It was coupled with a restored socio-economic stability in key countries that bolstered consumer confidence and spurred consumption during the peak holiday sales season. For the full year 2023, the market experienced a 2% growth, reaching a total of 118.9 million units. The region witnessed signs of recovery in H2 2023 to offset the decline experienced in the first two quarters, primarily owing to a favorable device replacement cycle.

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Canalys