The global smartphone market saw a significant increase in the second quarter of 2024, marking its highest year-over-year growth in the past three years. According to Counterpoint Research’s Smartphone 360 Monthly Tracker, sell-through volumes rose by 6%. This growth trend, now spanning three consecutive quarters, reflects improving consumer sentiment and macroeconomic factors.
Key regions driving this surge include Europe and Latin America, both experiencing robust double-digit growth rates year-over-year. In China, Huawei’s resurgence and an early start to the 618 shopping festival contributed to a gradual recovery in the market. Emerging markets, particularly in Latin America and Asia, outpaced more mature markets in terms of growth.
Also read: How to protect smartphones during rainy season
Samsung maintained its lead in the global smartphone market during Q2 2024, bolstered by strong sales of the AI-focused Galaxy S24 series and an early refresh of its popular Galaxy A series, whose models proved to be bestsellers across entry-level to mid-price segments. Samsung also dominated in sales of GenAI-capable Android smartphones, positioning itself well to capitalise on the evolving market demands.
While Apple’s global sales remained steady, the company saw significant growth in Europe and Latin America, offsetting lower upgrade rates in the US and market share losses in China due to Huawei’s resurgence. Apple’s strategic discounts during China’s 618 shopping festival helped improve its sales in that region, with expectations high for H2 following the anticipated release of new iPhones featuring Apple Intelligence.
Also read: Amazon Prime Day 2024: Save money on iPhone 15, Galaxy S23 Ultra and more flagship phones
Xiaomi emerged as the fastest-growing top-five brand with a notable 22% growth in Q2, driven by the success of its Redmi 13 and Note 13 series. Vivo and Oppo also performed strongly, with Vivo leading in China and India and Oppo focusing on profitability by expanding its presence in mid-to-higher price segments.
The top five brands faced increased competition from rising players like Huawei, Honor, Motorola, and Transsion group brands.
In my opinion, the global smartphone market’s resurgence in Q2 2024 underscores a positive outlook for the industry, driven by innovation and improving consumer demand.
