Global smartphone market grows 8% YoY in Q2 2024 – Counterpoint Research

Global smartphone shipments grew 8% YoY in the second quarter of 2024, according to the latest research from Counterpoint's Market Monitor service. 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.

Global smartphone revenues also grew by 8% YoY in Q2 2024. Apple led the smartphone market revenues with a 42% share. Samsung's revenues grew 5% YoY, due to growth in its ASP as well as shipments. Among the top five OEMs, Xiaomi's revenue growth was the fastest in a 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 YoY by 2pp, while taking share from sub-$400 segments.

Samsung led global smartphone shipments during the quarter, driven by the strong performance of Galaxy A-series as well as continued momentum of Galaxy S24 series. According to our latest report, Samsung captured five spots in the top 10 best-selling smartphones. 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 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. OnePlus is experiencing stiff competition in its key markets.

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Counterpoint Research