The global smartphone market is experiencing a rebound after several years of market slump. The latest global smartphone market survey by Counterpoint Research points to a 6% year-on-year (YoY) growth in the second quarter of 2024. The reported growth is the highest in the last three years, according to Counterpoint.
The global smartphone sell-through grew YoY for the third consecutive quarter in Q2 2024 in a rapid recovery from the weakest year. The top five smartphone brands remained unchanged from the previous quarters with Samsung retaining the top spot. Apple’s market share declined marginally while Xiaomi grew the fastest among the leading five global brands.
The latest Counterpoint Research’s Smartphone 360 Monthly Tracker indicates that the current resurgence is driven by improving consumer sentiment as well as macroeconomic factors. The report also indicates that the Europe and Latin American markets recorded the fastest growth in Q2 2024 (both in double digits). The growth numbers point to increasing purchasing activity in the region above the 2023 levels.
In China, Huawei continued its resurgence on the back of several activities that cemented its resurgence and gradual recovery. Emerging markets especially in Latin America and Asia performed better than established ones.
According to Counterpoint’s Research Director Tarun Pathak, the growth in smartphone sales over the last three quarters is a welcome development in the industry, after a record slump in 2023. However, the markets were quick to rebound due to a combination of factors including improving consumer sentiments and enhanced inventory positions.
The outlook remains bright for the remaining quarters of the year. Smartphone brands were quick to react to the growing consumer demand by refreshing their portfolios with several exciting offerings. The market has also seen an increased proliferation of premium models (possibly scaled down) with affordable price tags.
Samsung accounted for 20% of the market and retained its top position for Q2 2024. It was followed by Apple (16%), Xiaomi (14%), Vivo (8%), and OPPO (8%). The ranking remained the same as that of the corresponding position in Q2 2023. However, Xiaomi recorded the highest YoY growth performance of 22% within the period. The cumulative share of the top five brands declined YoY in Q2 2024 partly due to pressure from a few resurgent brands like Huawei, Honor, Motorolla, and Transsion group brands. The market is projected to continue a slow and steady volume increase with the top 10 brands accounting for 90% of the market.
(source)
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