The global smartphone market experienced a 6% year-over-year (YoY) growth in the first quarter of 2024, with total shipments reaching 296.9 million units, according to the latest report from Counterpoint Research. This growth was driven by increased demand for smartphones across various regions, as consumers continue to rely on mobile devices for communication, entertainment, and work.
One of the most remarkable stories is the continued resurgence of Honor. Despite facing setbacks due to Huawei’s sanctions, the brand has made a strong comeback, slightly jumping from 5% in Q4 2023 to 6% market share in Q1 2024. This can be attributed to its strategic focus on innovation, competitive pricing, and expanding its global presence. It’s even more interesting that Huawei now sits at the top for the most foldable smartphone shipments in Q1.
Unsurprisingly, Samsung dethroned Apple to become the top smartphone player globally, capturing a 20% shipment share. This marks a notable turnaround for Samsung, which had been trailing behind Apple in previous quarters. The South Korean tech giant’s success can be attributed to its diverse product portfolio, aggressive marketing strategies, and strong presence in emerging markets. The recent launch of the Galaxy S24 series has also played a significant role. And since Apple won’t release new phones until later this year, you can expect Samsung to dominate the market for the next two quarters.
Apple, despite a 13% YoY decline in shipments, maintained a respectable 17% market share. The company’s focus on premium models, particularly the Pro series, contributed to a record-high average selling price (ASP) in the first quarter. While Apple’s shipments may have dipped, its focus on profitability remains a key differentiator in the competitive smartphone market.
Among the top five original equipment manufacturers (OEMs), Xiaomi emerged as the fastest-growing brand, registering a remarkable 34% YoY shipment growth. This impressive performance can be attributed to Xiaomi’s strong presence in the online sales channel, expansion into new markets, and emphasis on value-for-money devices. In the Middle East and Africa (MEA) region alone, Xiaomi stormed to a massive 82% market growth in the first quarter, the biggest leap of any vendor in the region.
Other major players in the market, including Oppo, Vivo, and Honor, also experienced varying degrees of growth in the first quarter. Oppo and Vivo, with a combined market share of 15%, continued to strengthen their presence in key regions like Asia and Europe, while Honor demonstrated a resurgence with a notable increase in shipments. These Chinese vendors have also been recognized by Counterpoint Research for their impressive takes on Generative AI, scooping 6 of the top 10 spots.
Regionally, the smartphone market exhibited diverse trends. Asia remained the largest market, accounting for a significant share of global shipments. North America, Europe, Latin America, and the Middle East and Africa (MEA) also witnessed steady growth, with each region contributing to the overall expansion of the smartphone market.
In terms of revenue, the global smartphone market achieved a 7% YoY growth in the first quarter, reaching the highest-ever levels for this period. This highlights the growing demand for premium smartphones, with consumers willing to spend more on devices with advanced features and capabilities.
Overall, the first quarter of 2024 proved to be a dynamic period for the global smartphone market. With Samsung’s resurgence, Apple’s focus on premium models, and the rapid growth of Chinese brands like Xiaomi, the competition among smartphone manufacturers is intensifying. As the market continues to evolve, it will be interesting to see how these trends unfold in the coming quarters.
