Global Smartphone Market Sees Biggest Growth In 3 Years; Samsung Retains Top Spot

The global smartphone market saw a significant upturn in the second quarter (Q2) of 2024, with sales increasing by six per cent compared to the same period last year, says Counterpoint Research.

This growth was largely attributed to the popularity of smartphones equipped with generative AI capabilities.

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The global smartphone market saw a significant upturn in the second quarter (Q2) of 2024, with sales increasing by six per cent compared to the same period last year. This growth was largely attributed to the popularity of smartphones equipped with generative AI capabilities. According to analysts at Counterpoint Research noted Q2's growth represents the most substantial growth the industry has witnessed in three years.

The global smartphone market's growth was also driven by improving consumer sentiment and macroeconomic factors.

Samsung Leads Market Share, Followed By Apple

Several regions played a key role in driving this growth, particularly Europe and Latin America, where smartphone sales surged by over 10 per cent. The top smartphone manufacturers remained unchanged from the first quarter (Q1) of 2024, with Samsung maintaining its lead at 20 per cent market share. Apple secured the second position with 16 per cent of market per cent, followed by Chinese handset maker Xiaomi, Vivo and Oppo, finishing the top five in that order, Counterpoint Research report noted.

Apple’s global sales remained flat but recorded strong YoY growth in Europe and Latin America, which compensated the low upgrade rates in the US and share loss in China following Huawei’s rise. However, Apple saw improvement in sales in China during the "618 shopping festival" where it offered attractive discounts.

The market research firm predicted that in H2, the new iPhones with Apple Intelligence are expected to drive upgrade demand for Apple.

“The growth in smartphone sales over the last three quarters is good news for the industry. The sales were at the lowest point in a decade in 2023 but the market was quick to rebound thanks to improving consumer sentiments and inventory positions. Almost all markets exhibited signs of growth and we remain optimistic for upcoming quarters. Brands were quick to react to the growing consumer demand and refreshed their portfolios to entice customers further," Tarun Pathak, Research Director, Counterpoint Research, said in a statement.

"We are seeing increased proliferation of several features such as CMF (Color-Material-Finish), high-megapixel cameras and 5G into lower price bands, which is further expected to fuel demand. We remain optimistic on future quarters and expect the market to show 4 per cent growth in 2024," Pathak added.