LATAM's Q1 2024 smartphone shipments record highest YoY growth in world – Counterpoint Research

Samsung remained the market leader with a 31% share. #pressrelease

May 27, 2024

1 Min Read

LATAM's smartphone shipments increased 21.9% YoY and 12% QoQ in Q1 2024 to reach the highest level since Q4 2021 and the highest YoY growth among all regions, according to Counterpoint’s latest Market Monitor report. This was also the third consecutive quarter to record a YoY rise. This is a strong sign of market recovery.

Key insights on top-selling brands during Q1 2024

  • Samsung's shipments declined 8.5% YoY but increased 12.9% QoQ. The brand remained the market leader with a 31% share. Xiaomi and HONOR squeezed Samsung, especially in the $100-$249 price band. Samsung has been advertising extensively its GenAI capabilities in a few key countries. This has helped it to build its branding.

  • Motorola's volume increased by 31% YoY, as its shipments during the same quarter last year were heavily impacted by retailers reducing inventory. In Q1 2024, the brand saw its highest shipments since Q4 2021.

  • Xiaomi’s shipments increased by 41.2% YoY but grew by only 11.5% QoQ. The brand is growing by offering better 4G specs. It is also increasingly gaining support in the grey market in Brazil and smaller South American countries. Argentina's grey market also expanded following the stoppage of local manufacturing between December 2023 and February 2024.

  • HONOR's shipments surged by 211.5% YoY. This brand entered the region two years ago and is already among the top five for the third consecutive quarter. Mexico is its most important market in terms of volume, but Peru is its most important market in terms of share. HONOR along with Xiaomi was the Peruvian market leader in Q1 2024.

  • Samsung, Apple and Motorola are portraying themselves as leaders in 5G technology in LATAM.

Read the full press release here.

Counterpoint Research

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