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Latin American smartphone market grew 17% in Q3 2023 – Canalys

A strong resurgence in shipments in Q3 2023 followed six consecutive quarters of decline. #pressrelease

December 11, 2023

2 Min Read

Canalys' latest analysis of the Latin American smartphone market reveals a strong resurgence in shipments in Q3 2023 following six consecutive quarters of decline. Shipments into the region grew by 17% year-on-year to reach 31.8 million units. This surge in growth materialized following a period of channel inventory stabilization, coupled with a favorable consumer environment preceding the peak sales season.

Samsung maintained a firm grip on the top spot, growing 2% annually and capturing 31% market share. This was driven by the robust expansion of its budget-friendly A-series, complemented by efficient channel and inventory management tactics. Motorola secured second place with a 19% market share, despite declining 2%. Its decline predominantly stemmed from its mid-to-high-end devices. The standout performers of the quarter were Xiaomi and TRANSSION, who boasted annual growth rates of 43% and 159%, respectively. Xiaomi recovered in its core markets such as Chile, Mexico and Peru, while TRANSSION continues to build on its niche markets-focused strategy via the Infinix and Tecno brands. Apple rounded out the top five with a 4% market share, declining 9% year-on-year.

The standout vendors in Q3 2023 were the Chinese players Xiaomi, TRANSSION, HONOR, OPPO and ZTE. Xiaomi's 43% growth allowed it to reach its highest quarterly volume ever in Latin America. Its performance was particularly strong in Brazil, Mexico and Chile, driven by the Redmi 12, 12C, Note 12S and Note 12 4G. TRANSSION continued to leverage the region’s commonly untapped markets such as Central America, the Caribbean and Ecuador, even increasing its shipments. Beyond the top five, HONOR was the highest-growing vendor, up 123% year on year. HONOR is following a similar channel strategy that Huawei employed a few years ago to gain ground and its progress in Latin America is important amid its IPO ambitions. OPPO and ZTE grew 47% and 88% respectively, and have recovered in key markets such as Mexico, Colombia and Peru, amid healthier inventory levels.

Read the full press release here.
Canalys

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